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- W1996985160 abstract "In this paper we study an optimal control problem with mixed constraints related to a multisector linear model with endogenous growth. The main aim is to establish a set of necessary and a set of sufficient conditions which are the basis for studying the qualitative properties of optimal trajectories. The presence of possibly degenerate mixed constraints, the unboundedness and non-strict convexity of the Hamiltonian, make the problem difficult to deal with. We develop first the dynamic programming approach, proving that the value function is a bilateral viscosity solution to the associated Hamilton–Jacobi–Bellman (HJB) equation. Then, using our results, we give a set of sufficient and a set of necessary optimality conditions which involve so-called co-state inclusion: this can be interpreted as the existence of a dual path of prices supporting the optimal path." @default.
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- W1996985160 date "2008-01-01" @default.
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- W1996985160 title "Optimal strategies in linear multisector models: Value function and optimality conditions" @default.
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- W1996985160 doi "https://doi.org/10.1016/j.jmateco.2007.05.002" @default.
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