The turnpike property of discrete-time control problems arising in economic dynamics

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August 2005, 5(3): 861-880. doi: 10.3934/dcdsb.2005.5.861

The turnpike property of discrete-time control problems arising in economic dynamics

1.	Department of Mathematics, Technion-Israel Institute of Technology, Haifa, 32000, Israel

Received January 2004 Revised April 2004 Published May 2005

Abstract
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In this work we study the structure of approximate solutions of a nonautonomous discrete-time control system in a compact metric space $X$ which is determined by a sequence of continuous functions $v_i: X \times X \to R^1$, $i=0,\pm 1,\pm 2,$.... The main result in this paper deals with the turnpike property of optimal control problems. To have this property means that the approximate solutions of the problems are determined mainly by the the sequence $\{v_i\}_{i=-\infty}^{\infty}$, and are essentially independent of the choice of interval and endpoint conditions, except in regions close to the endpoints.

Keywords: good sequence, complete metric space, Compact metric space, generic property, turnpike property..

Mathematics Subject Classification: Primary: 49J99, 54E5.

Citation: Alexander J. Zaslavski. The turnpike property of discrete-time control problems arising in economic dynamics. Discrete & Continuous Dynamical Systems - B, 2005, 5 (3) : 861-880. doi: 10.3934/dcdsb.2005.5.861

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