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Viscosity solutions to delay differential equations in demo-economy

Fabbri, Giorgio (2007): Viscosity solutions to delay differential equations in demo-economy.

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Abstract

Economic and demographic models governed by linear delay differential equations are expressed as optimal control problems in infinite dimensions. A general objective function is considered and the concavity of the Hamiltonian is not required. The value function is a viscosity solution of the Hamilton-Jacobi-Bellman (HJB) equation and a verification theorem is proved.

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