Mathematics I
HSG Master Mathematics
HSG Master Mathematics
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Kartei Details
Karten | 8 |
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Sprache | English |
Kategorie | VWL |
Stufe | Universität |
Erstellt / Aktualisiert | 25.10.2014 / 30.10.2015 |
Lizenzierung | Keine Angabe |
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HAMILTONIAN
What is the Transversality condition?
The transversality condition requires the present value of the state variables to converge to zero as the planning horizon recedes towards infinity. The first-order and transversality conditions are sufficient to identify an optimum in a concave optimization problem. Given an optimal path, the necessity of the transversality condition reflects the impossibility of finding an alternative feasible path for which each state variable deviates from the optimum at each time and increases discounted utility