Showing papers by "Richard F. Hartl published in 1983"
TL;DR: In this article, the authors derived qualitative properties of the optimal policy for a class of nonlinear optimal control problems, which is characteristic of certain economic investment problems where two control instruments influence the rate of deterioration of a capital good.
16 citations
01 Dec 1983
15 citations
01 Dec 1983
TL;DR: It is shown that this condition for the optimal terminal time in free terminal time optimal control problems is independent of the other maximum principle conditions and a simple proof is presented.
Abstract: This note clarifies some issues dealing with the necessary condition for the optimal terminal time in free terminal time optimal control problems It is shown that this condition is independent of the other maximum principle conditions and a simple proof is presented Also the economic interpretation of the condition is provided
15 citations
TL;DR: In this article, the authors considered an optimal control problem for the dynamics of a predator-prey model, where the predator population has to choose the predation intensity over time in a way that maximizes the present value of the utility stream derived by consuming prey.
11 citations
TL;DR: The optimal training intensity over time is obtained using optimal control theory and the question of whether resources should be concentrated in early grades or not is investigated.
Abstract: This paper deals with the optimal allocation of resources in the production of human capital; i.e. the stock of knowledge of students has to be maximized subject to a limited budget. The optimal training intensity over time is obtained using optimal control theory. Considering various types of production functions (of human capital), the question of whether resources should be concentrated in early grades or not is investigated. The results are illustrated in special cases where monotonicity results for the training intensity can be obtained. Also provided is an analysis of the problem where the budget is replenishable.
6 citations