This paper describes a method to detect limit cycles for optimal control problems in the plain. The procedure includes two steps. First, the solution paths are analytically studied for large discount rates. Second, we demonstrate by means of computer simulations how the dynamics found can be traced back to small discount rates. We apply this method to two specific examples from resource management: a taxation problem and an exploited system of predator-prey interaction which show that the limit cycles may grow as the discount rates decrease. The principle that small discount rates are more conservative than large ones is therefore questionable. The relation of our results to theorems in optimal growth theory is also discussed.
Applied Mathematics and Optimization – Springer Journals
Published: May 1, 1997
It’s your single place to instantly
discover and read the research
that matters to you.
Enjoy affordable access to
over 18 million articles from more than
15,000 peer-reviewed journals.
All for just $49/month
Query the DeepDyve database, plus search all of PubMed and Google Scholar seamlessly
Save any article or search result from DeepDyve, PubMed, and Google Scholar... all in one place.
Get unlimited, online access to over 18 million full-text articles from more than 15,000 scientific journals.
Read from thousands of the leading scholarly journals from SpringerNature, Elsevier, Wiley-Blackwell, Oxford University Press and more.
All the latest content is available, no embargo periods.
“Hi guys, I cannot tell you how much I love this resource. Incredible. I really believe you've hit the nail on the head with this site in regards to solving the research-purchase issue.”Daniel C.
“Whoa! It’s like Spotify but for academic articles.”@Phil_Robichaud
“I must say, @deepdyve is a fabulous solution to the independent researcher's problem of #access to #information.”@deepthiw
“My last article couldn't be possible without the platform @deepdyve that makes journal papers cheaper.”@JoseServera