2018-Sustainable Industrial Processing Summit
SIPS2018 Volume 8. Composite, Ceramic, Nanomaterials and Mathematics
| Editors: | F. Kongoli, M. de Campos |
| Publisher: | Flogen Star OUTREACH |
| Publication Year: | 2018 |
| Pages: | 184 pages |
| ISBN: | 978-1-987820-96-6 |
| ISSN: | 2291-1227 (Metals and Materials Processing in a Clean Environment Series) |
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Multitime Optimal Control in Resource Economics
Constantin Udriste1;1UNIVERSITY POLITEHNICA OF BUCHAREST, Bucharest, Romania;
Type of Paper: Invited
Id Paper: 191
Topic: 38
Abstract:
Multitime optimal control theory has been recently used in economics. Here, we develop some ideas using the context of optimal control and differential geometry. Specifically, two problems are analysed: (i) multitime evolution of reproducible resources, and (ii) multitime evolution of non-reproducible resources. The technique is to associate each problem with proper functional (like multiple integral or curvilinear integral) and appropriate constraints (geometric PDEs like m-flows, Goursat-Darboux PDEs, parallelism PDEs, and specific isoperimetric constraints like integrals). When the Hamiltonian is linear affine in the control, we focus on bang-bang and singular optimal controls.
Keywords:
Mathematics; Optimal resource economics; Multitime economic dynamics; Bang-bang policy; Goursat-Darboux PDE system;References:
[1] C. Udriste, M. Ferrara, Multi-time optimal economic growth, Journal of the Calcutta Mathematical Society, 3, 1 (2007), 1-6.[2] C. Udriste, M. Ferrara, Multitime models of optimal growth, WSEAS Transactions on Mathematics, 7, 1 (2008), 51-55.