The paper deals with infinite horizon optimization problems. The existence of optimal solutions is obtained as a consequence of an asymptotic growth condition. We also construct finite horizon approximates that yield upper and lower bounds for the optimal values and whose optimal solutions converge to the long-term optimal trajectories. One type of approximate results from a process which involves smoothening the tail of any trajectory. The other type emerges when we restrain ourselves to stay put after a finite lapse of time.
MLA
Wets, Roger J-B. J-B., and Sjur D. Flam. “Existence Results and Finite Horizon Approximates for Infinite Horizon Optimization Problems.” Econometrica, vol. 55, .no 5, Econometric Society, 1987, pp. 1187-1209, https://www.jstor.org/stable/1911267
Chicago
Wets, Roger J-B. J-B., and Sjur D. Flam. “Existence Results and Finite Horizon Approximates for Infinite Horizon Optimization Problems.” Econometrica, 55, .no 5, (Econometric Society: 1987), 1187-1209. https://www.jstor.org/stable/1911267
APA
Wets, R. J.-B. J.-B., & Flam, S. D. (1987). Existence Results and Finite Horizon Approximates for Infinite Horizon Optimization Problems. Econometrica, 55(5), 1187-1209. https://www.jstor.org/stable/1911267
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