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Skiba points in free end-time problems

机译：Skiba指出免费的结束时间问题

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摘要

Since the end of the seventies Skiba points have been studied in infinite time optimal control problems with multiple steady states. At such a Skiba point the decision maker is indifferent between choosing trajectories that approach different steady states. This paper extends this theory towards free end-time optimal control problems, where the decision maker collects a salvage value at the endogenous horizon date. In particular, besides operating forever, the decision maker can choose to stop operations immediately, or to operate during a finite time interval after which the decision maker stops and collects a salvage value. This paper illustrates the new theory with a firm-level capital accumulation problem in which the manager has the option to sell the firm (be acquired) at any time. This situation may be relevant for certain high-tech start-ups that create intellectual property which may be of value to an acquiring firm and which is hard for an outside firm to tap in other ways (e.g., via licensing).
机译：自七十年代末以来，已在无限时间研究具有多个稳态的最优控制问题的Skiba点。在这样的Skiba点上，决策者在选择接近不同稳态的轨迹之间无动于衷。本文将这种理论扩展到自由时间的最优控制问题，决策者在内生的地平线日期收集残值。特别是，除了永远运行之外，决策者还可以选择立即停止操作，或选择在有限的时间间隔内运行，之后决策者停止并收集残值。本文阐述了一种新的理论，它涉及企业层面的资本积累问题，在这种理论中，管理者可以选择随时出售（被收购）企业。这种情况可能与某些高科技初创企业有关，这些初创企业创造的知识产权可能对并购公司有价值，而外部公司很难以其他方式（例如，通过许可）利用知识产权。

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  • 来源
    《Journal of Economic Dynamics and Control》 |2015年第2期|404-419|共16页
  • 作者

    Jonathan P. Caulkins; Gustav Feichtinger; Dieter Grass; Richard F. Hartl; Peter M. Kort; Andrea Seidl;

  • 作者单位

    Carnegie Mellon University, H.John Heinz Ⅲ College of Public Policy & Management, 5000 Forbes Avenue, Pittsburgh, PA 15213-3890,USA;

    Department for Operations Research and Control Systems, Institute for Mathematical Methods in Economics, Vienna University of Technology, Argentinierstr. 8/105-04, 1040 Vienna, Austria,Wittgenstein Centre for Demography and Global Human Capital (IIASA, VID/OEAW, WU), Vienna Institute of Demography/Austrian Academy of Sciences, Wohllebengasse 12-14, 1040 Vienna, Austria;

    Department for Operations Research and Control Systems, Institute for Mathematical Methods in Economics, Vienna University of Technology, Argentinierstr. 8/105-04, 1040 Vienna, Austria;

    Department of Business Administration, University of Vienna, Oskar-Morgenstern-Piatz 1, 1090 Vienna, Austria;

    Department of Econometrics and Operations Research & CentER, Tilburg University, PO Box 90153, 5000 LE Tilburg, The Netherlands,Department of Economics, University of Antwerp, Prinsstraat 13, 2000 Antwerp, Belgium;

    Department for Operations Research and Control Systems, Institute for Mathematical Methods in Economics, Vienna University of Technology, Argentinierstr. 8/105-04, 1040 Vienna, Austria;

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  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    Optimal control; Skiba point; Capital accumulation model; Free end-time problem; Takeover;

    机译：最佳控制;Skiba点;资本积累模型;免费的结束时间问题;接管;

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