Multitime Models of Optimal Growth
Keywords:
multitimemaximumprinciple,multitimeoptimaleconomicgrowth,bang-bangpolicy.Abstract
Section1underline the limitations of standard multi-variable variational calculus and thesenseofmulti-time.Section1formulatesthecontrollabilityproblemforamultipleintegralfunctionalorforapathindependent curvilinearintegralsubjecttoamultitimeevolutionofflowtype.Section2describesatwo-timeoptimaleconomic growthmodelledbyEuler-LagrangePDEsassociatedtoadoubleintegralfunctionalortoapathindependent curvilinearintegralintwodimensions.Section3motivatestheoptimaleconomicgrowthbytwo-timemaximum principles.Section4studiesthetwo-timeoptimaleconomicgrowthwithbang-bangpolicybasedonacurvilinear integralaction.
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