Accession Number:

AD0701913

Title:

SUFFICIENT CONDITIONS FOR OPTIMALITY IN INFINITE HORIZON LINEAR ECONOMIC MODELS.

Personal Author(s):

Corporate Author:

STANFORD UNIV CALIF OPERATIONS RESEARCH HOUSE

Report Date:

1969-03-01

Abstract:

The report contains some results concerning the numerical computation of optimal solutions to infinite-horizon dynamic linear programs. Models of this type arise in several contexts in the economics literature. Two sets of sufficient conditions for optimality are formulated. These refer to a general dynamic structure in which the constraints for any period, t, do not include any variable whose time subscript is greater than t. The sufficiency theorems proved in Chapter 3 ensure that a given solution which meets one of these sets of conditions is infinite-horizon optimal. The remainder of the work is concerned with demonstrating how one might construct an infinite-horizon optimal solution in practice. For this purpose, two economic applications are considered - a model for equipment replacement and capacity expansion, and a development planning model. Author

Descriptive Note:

Technical rept.,

Supplementary Note:

Sponsored in part by Contract AT(04-3)-326, Grants NSF-GP-6431, PHS-GM-14789.

Pages:

0153

Descriptors:

Identifiers:

Subject Categories:

Contract Number:

N00014-67-A-0112-0011

Contract Number 2:

DAHC04-67-C-0028

File Size:

0.00MB

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