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    Multitime Optimal Control in Resource Economics
    Constantin Udriste1;
    1UNIVERSITY POLITEHNICA OF BUCHAREST, Bucharest, Romania;
    PAPER: 191/Mathematics/Invited (Oral)
    SCHEDULED: 16:20/Tue./Grego (50/3rd)



    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.

    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.