Existence of solutions for a class of nonconcave infinite horizon optimal control problems

Abstract

In this article, we establish the existence of optimal solutions for a large class of nonconvex infinite horizon discrete-time optimal control problems. This class contains optimal control problems arising in economic dynamics which describe a model with nonconcave utility functions representing the preferences of the planner.

Keywords:

• infinite horizon problem
• optimal solution
• program

AMS Subject Classification:

• 49J99