2018-Sustainable Industrial Processing Summit
SIPS2018 Volume 8. Composite, Ceramic, Nanomaterials and Mathematics

Editors:F. Kongoli, M. de Campos
Publisher:Flogen Star OUTREACH
Publication Year:2018
Pages:184 pages
ISBN:978-1-987820-96-6
ISSN:2291-1227 (Metals and Materials Processing in a Clean Environment Series)
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    Multitime Optimal Control in Resource Economics

    Constantin Udriste1;
    1UNIVERSITY POLITEHNICA OF BUCHAREST, Bucharest, Romania;
    Type of Paper: Invited
    Id Paper: 191
    Topic: 38

    Abstract:

    Multitime optimal control theory has been recently used in economics. Here, we develop some ideas using the context of optimal control and differential geometry. Specifically, two problems are analysed: (i) multitime evolution of reproducible resources, and (ii) multitime evolution of non-reproducible resources. The technique is to associate each problem with proper functional (like multiple integral or curvilinear integral) and appropriate constraints (geometric PDEs like m-flows, Goursat-Darboux PDEs, parallelism PDEs, and specific isoperimetric constraints like integrals). When the Hamiltonian is linear affine in the control, we focus on bang-bang and singular optimal controls.

    Keywords:

    Mathematics; Optimal resource economics; Multitime economic dynamics; Bang-bang policy; Goursat-Darboux PDE system;

    References:

    [1] C. Udriste, M. Ferrara, Multi-time optimal economic growth, Journal of the Calcutta Mathematical Society, 3, 1 (2007), 1-6.
    [2] C. Udriste, M. Ferrara, Multitime models of optimal growth, WSEAS Transactions on Mathematics, 7, 1 (2008), 51-55.

    Cite this article as:

    Udriste C. (2018). Multitime Optimal Control in Resource Economics. In F. Kongoli, M. de Campos (Eds.), Sustainable Industrial Processing Summit SIPS2018 Volume 8. Composite, Ceramic, Nanomaterials and Mathematics (pp. 171-172). Montreal, Canada: FLOGEN Star Outreach