Multitime models of optimal growth

  • Authors:
  • Constantin Udriste;Massimiliano Ferrara

  • Affiliations:
  • University Politehnica of Bucharest, Department of Mathematics, Bucharest, Romania;University Mediterranea of Reggio Calabria, Faculty of Law, Reggio Calabria, Italy

  • Venue:
  • WSEAS Transactions on Mathematics
  • Year:
  • 2008
  • Multi-time Euler-Lagrange dynamics

    ISTASC'07 Proceedings of the 7th Conference on 7th WSEAS International Conference on Systems Theory and Scientific Computation - Volume 7

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Abstract

Section 1 underlines the limitations of standard multi-variable variational calculus and the sense of multitime. Section 1 formulates the controllability problem for a multiple integral functional or for a path independent curvilinear integral subject to a multitime evolution of flow type. Section 2 describes a two-time optimal economic growth modelled by Euler-Lagrange PDEs associated to a double integral functional or to a path independent curvilinear integral in two dimensions. Section 3 motivates the optimal economic growth by two-time maximum principles. Section 4 studies the two-time optimal economic growth with bang-bang policy based on a curvilinear integral action.