
Accession Number : AD0701913
Title : SUFFICIENT CONDITIONS FOR OPTIMALITY IN INFINITE HORIZON LINEAR ECONOMIC MODELS.
Descriptive Note : Technical rept.,
Corporate Author : STANFORD UNIV CALIF OPERATIONS RESEARCH HOUSE
Personal Author(s) : Hopkins,David S. P.
Report Date : MAR 1969
Pagination or Media Count : 153
Abstract : The report contains some results concerning the numerical computation of optimal solutions to infinitehorizon dynamic linear programs. Models of this type arise in several contexts in the economics literature. Two sets of sufficient conditions for optimality are formulated. These refer to a general dynamic structure in which the constraints for any period, t, do not include any variable whose time subscript is greater than t. The sufficiency theorems proved in Chapter 3 ensure that a given solution which meets one of these sets of conditions is infinitehorizon optimal. The remainder of the work is concerned with demonstrating how one might construct an infinitehorizon optimal solution in practice. For this purpose, two economic applications are considered  a model for equipment replacement and capacity expansion, and a development planning model. (Author)
Descriptors : (*ECONOMICS, MATHEMATICAL MODELS), (*LINEAR PROGRAMMING, NUMERICAL ANALYSIS), REPLACEMENT THEORY, MANAGEMENT PLANNING AND CONTROL, MATRICES(MATHEMATICS), THESES
Subject Categories : Administration and Management
Economics and Cost Analysis
Operations Research
Distribution Statement : APPROVED FOR PUBLIC RELEASE