Application of the Maximum Principle to Minimizing Total Production Costs

There are no common methods of the search for optimal solutions to problems of economic dynamics. Application of variational methods is possible for a quite narrow class of problems. In this paper, we discuss application of the Pontryagin maximum principle, which significantly expands the class of p...

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Bibliographic Details
Published inJournal of mathematical sciences (New York, N.Y.) Vol. 276; no. 2; pp. 349 - 352
Main Author Kiselev, V. V.
Format Journal Article
LanguageEnglish
Published Cham Springer International Publishing 06.10.2023
Springer
Springer Nature B.V
Subjects
Economic aspects
Manufacturing costs
Mathematics
Mathematics and Statistics
Maximum principle
Production costs
Variational methods
Pontryagin maximum principle
49K99
optimal control
calculus of variation
90C99
economic dynamics
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Summary:There are no common methods of the search for optimal solutions to problems of economic dynamics. Application of variational methods is possible for a quite narrow class of problems. In this paper, we discuss application of the Pontryagin maximum principle, which significantly expands the class of problems considered and allows one to obtain numerical solutions.
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content type line 14
ISSN:1072-3374
1573-8795
DOI:10.1007/s10958-023-06745-y