This survey collects, within a unified framework, various results (primarily by the authors themselves) on the use of Deterministic Infinite-Dimensional Optimal Control Theory to address applied economic models. The main aim is to illustrate, through several examples, the typical features of such models (including state constraints, non-Lipschitz data, and non-regularizing differential operators) and the corresponding methods needed to handle them. This necessitates developing aspects of the existing Deterministic Infinite-Dimensional Optimal Control Theory (see, e.g. the book by X. Li and J. Yong, Optimal Control Theory for Infinite Dimensional Systems (Springer Science & Business Media, 2012)) in specific and often nontrivial directions. Given the breadth of this area, we emphasize the Dynamic Programming Approach and its application to problems where explicit or quasi-explicit solutions of the associated Hamilton–Jacobi–Bellman (HJB) equations can be obtained. We also provide insights and references for cases where such explicit solutions are not available.
Fabbri et al. (Thu,) studied this question.