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- W2077574151 abstract "AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Abstract The Pontryagin Maximum Principle is well known in economics. There is a different and more general version of the Maximum Principle, first established by Dubovitskii and Milyutin (Dokl. Acad. Nauk SSSR 1963; 149:759–762; Zh. Vychisl. Mat. Mat. Fiz. 1965; 5:393–453), which is little known in economics and has never been applied to solve an economic optimal control problem. This paper introduces the Dubovitskii–Milyutin version of the Maximum Principle to economics and offers an economic application to illustrate the limitation of the conventional Maximum Principle and the usefulness of the Dubovitskii–Milyutin version. The Dubovitskii–Milyutin Maximum Principle should be an integral part of the economist's toolbox and be included in economics textbooks on dynamic optimization. Copyright © 2007 John Wiley & Sons, Ltd. Citing Literature Volume28, Issue6November/December 2007Pages 435-449 RelatedInformation" @default.
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- W2077574151 date "2007-01-01" @default.
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- W2077574151 title "An economic application of the Dubovitskii–Milyutin version of the Maximum Principle" @default.
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- W2077574151 doi "https://doi.org/10.1002/oca.804" @default.
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