Optimal control in infinite horizon problems: a Sobolev spaces approach

International audienceIn this paper, we make use of the Sobolev space W1,1 (R+,Rn) toderive at once the Pontryagin conditions for the standard optimalgrowth model in continuous time, including a necessary and sufficienttransversality condition. An application to the Ramsey model is given.We use an order ideal argument to solve the problem inherent to thefact that L1 spaces have natural positive cones with no interior points