Open this publication in new window or tab >>2012 (English)In: Journal of Optimization Theory and Applications, ISSN 0022-3239, E-ISSN 1573-2878, Vol. 154, no 3, p. 857-878Article in journal (Refereed) Published
Abstract [en]
We bridge mathematical number theory with optimal control and show that a generalised Fibonacci sequence enters the control function of finite-horizon dynamic optimisation problems with one state and one control variable. In particular, we show that the recursive expression describing the first-order approximation of the control function can be written in terms of a generalised Fibonacci sequence when restricting the final state to equal the steady-state of the system. Further, by deriving the solution to this sequence, we are able to write the first-order approximation of optimal control explicitly. Our procedure is illustrated in an example often referred to as the Brock-Mirman economic growth model
National Category
Mathematical Analysis
Research subject
Mathematics
Identifiers
urn:nbn:se:ltu:diva-7420 (URN)10.1007/s10957-012-0061-2 (DOI)000307438500008 ()2-s2.0-84865418818 (Scopus ID)5cc305d1-3540-44e0-961c-1a41e78d4969 (Local ID)5cc305d1-3540-44e0-961c-1a41e78d4969 (Archive number)5cc305d1-3540-44e0-961c-1a41e78d4969 (OAI)
Note
Validerad; 2012; 20120430 (andbra)
2016-09-292016-09-292025-10-21Bibliographically approved