Open Access
October, 2020 Optimal Processes in a Parametric Optimal Economic Growth Model
Vu Thi Huong, Jen-Chih Yao, Nguyen Dong Yen
Taiwanese J. Math. 24(5): 1283-1306 (October, 2020). DOI: 10.11650/tjm/200203


A parametric finite horizon optimal economic growth problem is solved by using the maximum principle for optimal control problems with state constraints in the book by R. Vinter [Optimal Control, Birkhäuser, Boston, 2000; Theorem 9.3.1]. From the obtained results it follows that if the total factor productivity is relatively small, then the expansion of the production facility does not lead to a higher total consumption satisfaction of the society.


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Vu Thi Huong. Jen-Chih Yao. Nguyen Dong Yen. "Optimal Processes in a Parametric Optimal Economic Growth Model." Taiwanese J. Math. 24 (5) 1283 - 1306, October, 2020.


Received: 23 August 2019; Revised: 15 January 2020; Accepted: 5 February 2020; Published: October, 2020
First available in Project Euclid: 15 February 2020

MathSciNet: MR4152667
Digital Object Identifier: 10.11650/tjm/200203

Primary: 37N40 , 46N10 , 49J15 , 91B55 , 91B62

Keywords: finite horizon optimal control problem , maximum principle , optimal economic growth model , optimal process , state constraint

Rights: Copyright © 2020 The Mathematical Society of the Republic of China

Vol.24 • No. 5 • October, 2020
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