Two optimal control problems arising in Economics are analyzed in order to elicit some information about other problems, symmetric with them. Different problems, based on the same economic model, can have very similar sets of necessary conditions. Such a situation occurs when considering different objectives for the same economic system. We prove that such conditions can be reduced to a controllability problem and that they concern the characterization of the Pareto efficient solutions of a multiobjective problem.
Two Symmetric Optimal Control Problems in Economics
GROSSET, LUCA;VISCOLANI, BRUNO
2003
Abstract
Two optimal control problems arising in Economics are analyzed in order to elicit some information about other problems, symmetric with them. Different problems, based on the same economic model, can have very similar sets of necessary conditions. Such a situation occurs when considering different objectives for the same economic system. We prove that such conditions can be reduced to a controllability problem and that they concern the characterization of the Pareto efficient solutions of a multiobjective problem.
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