On the Optimal Management of Public Debt: a Singular Stochastic Control Problem

Stochastic singular optimal control problem of switching systems with constraints

*Correspondence: [email protected] Department of Industrial Engineering, Anadolu University, Eskisehir, Turkey Institute of Control Systems, ANAS, Baku, Azerbaijan Abstract This paper is devoted to the optimal control problem of switching system in which constraints on the state variable are given by inclusions. Using Ekeland’s variational principle, second-order necessary condition of ...

An Application of the Stochastic Optimal Control Algorithm (OPTCON) to the Public Sector Economy of Iran

In this paper we first describe the stochastic optimal control algorithm called ((OPTCON)). The algorithm minimizes an intertemporal objective loss function subject to a nonlinear dynamic system in order to achieve optimal value of control (or instrument) variables. Second as an application, we implemented the algorithm by the statistical programming system ((GAUSS)) to determine the optimal fi...

the impact of e-readiness on ec success in public sector in iran the impact of e-readiness on ec success in public sector in iran

acknowledge the importance of e-commerce to their countries and to survival of their businesses and in creating and encouraging an atmosphere for the wide adoption and success of e-commerce in the long term. the investment for implementing e-commerce in the public sector is one of the areas which is focused in government‘s action plan for cross-disciplinary it development and e-readiness in go...

A Stochastic Model of Optimal Debt Management and Bankruptcy

A problem of optimal debt management is modeled as a noncooperative interaction between a borrower and a pool of lenders, in infinite time horizon with exponential discount. The yearly income of the borrower is governed by a stochastic process. When the debt-to-income ratio x(t) reaches a given size x∗, bankruptcy instantly occurs. The interest rate charged by the risk-neutral lenders is precis...

A Computational Method for Solving Optimal Control Problem of Time-varying Singular Systems Using the Haar Wavelets