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arXiv · 2603.26256

A note on first-order and transversality conditions in infinite-horizon continuous-time optimal control models

Stefano Bosi·David Desmarchelier·Ngoc-Sang Pham
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Abstract

We provide simple and easily verifiable necessary and sufficient conditions for infinite-horizon continuous-time optimal control problems. Under standard concavity and integrability assumptions, we show that optimal paths are fully characterized by first-order conditions together with a transversality condition. Importantly, the transversality condition is derived as a consequence of the model's structure rather than imposed a priori. Our results apply directly to standard economic models, including optimal growth and consumption--saving problems.

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Stefano Bosi, David Desmarchelier, Ngoc-Sang Pham. 2026-03-27. A note on first-order and transversality conditions in infinite-horizon continuous-time optimal control models. https://arxiv.org/abs/2603.26256

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