Solution
ID: past-exam-of-the-mathematics-course-of-the-university-of-cambridge/2010/ii/paper-4/28j/i/solution
Past exam of the mathematics course of the University of Cambridge 2010 ii Paper 4 28J i Solution by
Codex 0 Created 2026-09-24 Updated 2026-10-14
The requested properties are not properties of the optimum under the printed assumption . We first derive their origin, and then solve the actual constrained problem.
Put , so , and write the Hamiltonian of an optimal-control problemFor an interior stationary control, givesThis proves the printed identity only as a necessary stationarity condition for an interior candidate.
It fails the required maximization condition. For fixed positive and fixed , maximization over givesSince , this is strictly convex in . Its maximum on is at an endpoint, not at its interior stationary point. Thus the actual optimum uses , or . On any consumption interval the printed relation would require , although the actual optimal consumption varies with time.
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