Optimal Control of Economic Processes: Models of the 2nd Generation
Gustav Feichtinger (University of Vienna)
The past four decades showed a remarkable broad spectrum of applications of optimal control theory to economics and Operations Research. Pontryagin's maximum principle provided a useful tool to obtain qualitative insights into the structure of optimal policies. Recently the standard optimal control paradigm has been extended in various directions. In this talk several of these 2nd generations' models are discussed. After briefly mentioning complex solutions (as multiple equilibria and limit cycles), we illustrate various sources of heterogeneity. Among them are multi-compartment models, age-distributed control and multi-stage processes.
For more information please contact Dr. M. Anufriev