22 September 2017

Sergey Aseev was invited to speak at the Applied Mathematics Day

The Applied Mathematics Day took place in Moscow, Russia on 22 September, 2017 and was co-organized by Steklov Mathematical Institute of the Russian Academy of Sciences and Huawei.

© Steklov Mathematical Institute RAS

© Steklov Mathematical Institute RAS

Sergey Aseev was invited to speak and gave a talk on Maximum principle and optimal control problems in economics

Abstract

Optimal control problems arise in many fields of economics, in particular in problems of optimization of economic growth. The main distinctive feature of these problems is that the control process is considered on an infinite time interval. The infinite time horizon gives rise to some specific and challenging mathematical features of the problems. In particular, various “pathological” phenomena in the relations of the general version of the Pontryagin maximum principle can occur. In this talk we discuss a recently developed complete version of the Pontryagin maximum principle for infinite horizon optimal control problems. As a meaningful example, we consider a two-sector model of optimal economic growth subject to a random jump in prices.


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Last edited: 13 April 2018

CONTACT DETAILS

Sergey Aseev

Guest Research Scholar

Exploratory Modeling Of Human-Natural Systems Research Group

T +43(0) 2236 807 638

Applied Mathematics Day

PUBLICATIONS

Aseev, S. & Veliov, V. (2019). Another view of the maximum principle for infinite-horizon optimal control problems in economics. Russian Mathematical Surveys 74 (6(450)), 963-1011. 10.1070/RM9915.

Aseev, S. & Veliov, V. (2017). Another View of the Maximum Principle for Infinite-Horizon Optimal Control Problems in Economics. Operations Research and Control Systems, Vienna University of Technology

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