Optimal control problems with time inconsistency

Abstract

In the present study, the necessary and sufficient conditions of equilibrium control for general optimal control problems with time inconsistency are established in sense of open-loop. As an application, the linear quadratic optimal control problems with time inconsistency were also explored and an explicit equilibrium control is constructed.

Keywords

• time inconsistency
• two-point boundary value problem
• open-loop
• equilibrium control
• quasi-variational problem