Neighborhood turnpike theorem for continuous-time optimization models

Neighborhood turnpike theorem for continuous-time optimization models

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Article ID: iaor20001788
Country: United States
Volume: 101
Issue: 3
Start Page Number: 651
End Page Number: 676
Publication Date: Jun 1999
Journal: Journal of Optimization Theory and Applications
Authors: ,
Keywords: turnpike sets
Abstract:

A neighborhood turnpike theorem is proved for continuous-time, infinite-horizon optimization models with positive discounting. Our approach is a primal one and no differentiability assumption is made. The basic hypothesis is a condition of uniform concavity at the point defining the undiscounted steady state. The main novelty here is that we formulate the theorem by taking the undiscounted steady state as the turnpike.

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