Dissipativity in optimal control problem of a success-runs Markov chain

Ponente(s): Leonardo R. Laura Guarachi

This talk explores the dissipativity property in the optimal control problem of a success-runs Markov chain. We first review the structure and asymptotic properties of this model. Then, we formulate the optimal control problem of a success-runs Markov chain. For this framework, we introduce the concept of "uniform stationary states" and establish the dissipativity property. This property ensures the asymptotic stability of the optimal steady-state solution in the infinite horizon case. Finally, we illustrate the theoretical results by applying them to age replacement policies in a forest age class model.