Smoothness of the policy function in continuous-time economic models. The one-dimensional case

Manuel S. Santos; Jean Luc Vila

doi:10.1016/0165-1889(91)90042-Y

Smoothness of the policy function in continuous-time economic models. The one-dimensional case

Manuel S. Santos, Jean Luc Vila

Research output: Contribution to journal › Article

6 Scopus citations

Abstract

Infinite-horizon continuous-time optimization is often encountered in economic models. Herein we prove the C¹ differentiability of the policy function when the objective is strongly concave and the state is unidimensional.

Original language	English (US)
Pages (from-to)	741-753
Number of pages	13
Journal	Journal of Economic Dynamics and Control
Volume	15
Issue number	4
DOIs	https://doi.org/10.1016/0165-1889(91)90042-Y
State	Published - Oct 1991
Externally published	Yes

ASJC Scopus subject areas

Economics and Econometrics
Control and Optimization
Applied Mathematics

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10.1016/0165-1889(91)90042-Y

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Santos, M. S., & Vila, J. L. (1991). Smoothness of the policy function in continuous-time economic models. The one-dimensional case. Journal of Economic Dynamics and Control, 15(4), 741-753. https://doi.org/10.1016/0165-1889(91)90042-Y

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abstract = "Infinite-horizon continuous-time optimization is often encountered in economic models. Herein we prove the C1 differentiability of the policy function when the objective is strongly concave and the state is unidimensional.",

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