An infinite-horizon maximum principle with bounds on the adjoint variable

نویسنده

  • Thomas A. Weber
چکیده

We provide necessary optimality conditions for a general class of discounted infinitehorizon dynamic optimization problems. As part of the resulting maximum principle we obtain explicit bounds on the adjoint variable, stronger than the transversality conditions in Arrow–Kurz form. r 2005 Elsevier B.V. All rights reserved. JEL classification: C60; C61

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تاریخ انتشار 2002