Title :
A numerical approach to solve finite horizon optimal control problems
Author :
Kopalle, Praveen K. ; Assunacao, J.L. ; Lehmann, Donald R.
Author_Institution :
Dept. of Marketing, Arizona Univ., Tucson, AZ, USA
Abstract :
The authors present a two state optimal control problem which exhibits the turnpike property. They provide an example of a dynamical system in a marketing context, numerical simulations of which showed that it exhibits the turnpike property. The problems encountered are discussed while numerically solving a dynamical system with more than one state variable and which displays the turnpike property. A numerical approach is described to solve the problem in a finite horizon using Fortran NAg library routines
Keywords :
economic cybernetics; optimal control; dynamical system; finite horizon; marketing context; optimal control; state variable; turnpike property; Advertising; Closed-form solution; Displays; Error correction; Extremities; Investments; Libraries; Marketing and sales; Numerical simulation; Optimal control;
Conference_Titel :
Decision and Control, 1992., Proceedings of the 31st IEEE Conference on
Conference_Location :
Tucson, AZ
Print_ISBN :
0-7803-0872-7
DOI :
10.1109/CDC.1992.371357
