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- W2161010802 abstract "In many situations in Economics, one would like to analyse the optimal timing of switching between alternative and consecutive regimes. A natural framework for such an analysis seems to be one of multi-stage optimal control problems, where the switching instants between regimes are endogenously determined. The existing literature considers only the case of two-stage optimal control problems with finite horizon. However, in many cases, it seems more appropriate to consider a problem with an infinite horizon. By deriving the appropriate necessary conditions for such a problem we generalise the methodology in analysing endogenous regime switches." @default.
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- W2161010802 date "2001-12-01" @default.
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- W2161010802 title "Necessary conditions for infinite-horizon discounted two-stage optimal control problems" @default.
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- W2161010802 doi "https://doi.org/10.1016/s0165-1889(00)00009-9" @default.
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