Title
A unified view of ostensibly disparate isoperimetric variational problems
Abstract
A class of isoperimetric variational calculus problems is solved. It is shown that the said class ties together seemingly dissimilar optimal control problems in economics and physics, to wit, the classical nonrenewable resource extracting model of the firm, the model of the patient worker, and the principle of maximum entropy. In particular, it is shown that a certain family of wealth maximizing nonrenewable resource extracting firms extract at the rate that maximizes the entropy of extraction, and that patient intertemporal utility maximizing individuals do not procrastinate and maximize the entropy of leisure. (C) 2008 Elsevier Ltd. All rights reserved.
Journal Title
Applied Mathematics Letters
Volume
22
Issue/Number
3
Publication Date
1-1-2009
Document Type
Article
First Page
332
Last Page
335
WOS Identifier
ISSN
0893-9659
Recommended Citation
"A unified view of ostensibly disparate isoperimetric variational problems" (2009). Faculty Bibliography 2000s. 1386.
https://stars.library.ucf.edu/facultybib2000/1386
Comments
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