Applications of Pontryagin’s Maximum Principle to Economics
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This article is published in Research Papers in Economics.The article was published on 1969-01-01 and is currently open access. It has received 112 citations till now. The article focuses on the topics: Maximum principle & Capital accumulation.read more
Citations
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The economics of fishing and modern capital theory: A simplified approach☆
Colin W. Clark,Gordon R. Munro +1 more
TL;DR: In this paper, a dynamic linear autonomous model is developed for the static version of the fisheries economics model and the model is then extended by making it non-autonomous and second, nonlinear.
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The structure and stability of competitive dynamical systems
David Cass,Karl Shell +1 more
TL;DR: In this article, the structure and stability of competitive dynamical systems are discussed and a general framework that encompasses these and many other problems in the theory of economic growth, or more broadly, economic dynamics is presented.
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Notes on the Economics of Infinity
TL;DR: In this paper, it is argued that the double infinity of traders and dated commodities allows for competitive equilibria that are not Pareto-optimal, while the fact that generations do not meet is not essential.
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The Pontryagin maximum principle and optimal economic growth problems
TL;DR: In this article, a new approximation approach to deriving necessary optimality conditions in the form of the Pontryagin maximum principle for problems with infinite time horizon is proposed, where the main distinctive feature of such problems is that the control process is considered on an infinite time interval.
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Fishery dynamics: a North Atlantic cod fishery
TL;DR: In this article, the relative merits of periodic and sustained fishing of a stock consisting of several cohorts are studied by simulating a Beverton-Holt model of a cod fishery.
References
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Journal ArticleDOI
A Contribution to the Theory of Economic Growth
TL;DR: In this paper, a model of long run growth is proposed and examples of possible growth patterns are given. But the model does not consider the long run of the economy and does not take into account the characteristics of interest and wage rates.
Book
Mathematical Theory of Optimal Processes
TL;DR: The fourth and final volume in this comprehensive set presents the maximum principle as a wide ranging solution to nonclassical, variational problems as discussed by the authors, which can be applied in a variety of situations, including linear equations with variable coefficients.
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The mathematical theory of saving
TL;DR: JSTOR transmission may be copied, downloaded,stored, further transmitted, transferred, distributed, altered, or otherwise used, in any form or by any means, except: (1) one stored electronic and one paper copy of any article solely for personal, non-commercial use, or (2) with prior written permission of JSTOR and the publisher of the article or other text.
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The Mathematical Theory of Optimal Processes
Richard Bellman,L. S. Pontryagin,V. G. Boltyanskii,Revaz Valerianovich Gamkrelidze,E. F. Mishchenko,K. N. Trirogoff,Lucien W. Neustadt +6 more