Arbeitspapier
A maximum principle for control problems with monotonicity constraints
The paper develops a version of Pontryagin's maximum principle for optimal control problems with monotonicity constraints on control variables. Whereas the literature handles such constraints by imposing an assumption of piecewise smoothness on the control variable and treating the slope of this variable as a new control variable subject to a nonnegativity constraint, the paper obtains the maximum principle without such an additional assumption. The result is useful for studying incentive problems with hidden characteristics when the type set is a continuum and preferences satisfy a single-crossing constraint.
- Sprache
-
Englisch
- Erschienen in
-
Series: Preprints of the Max Planck Institute for Research on Collective Goods ; No. 2008,4
- Klassifikation
-
Optimization Techniques; Programming Models; Dynamic Analysis
- Thema
-
Maximum Principle
Optimal Control
Monotonicity Constraints
Incentive Problems with Hidden Characteristics
Kontrolltheorie
Mathematische Optimierung
Asymmetrische Information
Ökonomischer Anreiz
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Hellwig, Martin
- Ereignis
-
Veröffentlichung
- (wer)
-
Max Planck Institute for Research on Collective Goods
- (wo)
-
Bonn
- (wann)
-
2008
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Hellwig, Martin
- Max Planck Institute for Research on Collective Goods
Entstanden
- 2008
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