Turnpike Theory for the Robinson-Solow-Srinivasan Model, 1st ed. 2020 Springer Optimization and Its Applications Series, Vol. 166

This book is devoted to the study of a class of optimal control problems arising in mathematical economics, related to the Robinson?Solow?Srinivasan (RSS) model. It will be useful for researches interested in the turnpike theory, infinite horizon optimal control and their applications, and mathematical economists. The RSS is a well-known model of economic dynamics that was introduced in the 1960s and as many other models of economic dynamics, the RSS model is determined by an objective function (a utility function) and a set-valued mapping (a technology map). The set-valued map generates a dynamical system whose trajectories are under consideration and the objective function determines an optimality criterion. The goal is to find optimal trajectories of the dynamical system, using the optimality criterion.  

1. Introduction.- 2 The RSS model and its basic properties.- 3. Infinite horizon optimization. 4. Turnpike results for the RSS model.- 5.The RSS model with a nonconcave utility function. - 6.Infinite horizon nonautonomous optimization problems.- 7. One-dimensional RSS model.- 8. Optimal Programs.- 9. Turnpike for the RSS model with nonconcave utility functions. 10. An autonomous one-dimensional model.- 11. The continuous-time Robinson–Solow–Srinivasan model.- References.- Index.

In-depth discussion of the turnpike phenomenon for optimal control problems corresponding to the Robinson-Solow-Srinivasan model

Studies the existence of solutions of infinite horizon optimal control problems corresponding to the Robinson-Solow-Srinivasan model

Studies the stability of the turnpike phenomenon