Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/26941 
Autor:innen: 
Erscheinungsjahr: 
2008
Schriftenreihe/Nr.: 
Preprints of the Max Planck Institute for Research on Collective Goods No. 2008,4
Verlag: 
Max Planck Institute for Research on Collective Goods, Bonn
Zusammenfassung: 
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.
Schlagwörter: 
Maximum Principle
Optimal Control
Monotonicity Constraints
Incentive Problems with Hidden Characteristics
JEL: 
C61
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
557.1 kB





Publikationen in EconStor sind urheberrechtlich geschützt.