Continuous Time
If the model is in continuous time, the controller knows the state of the system at each instant of time. The object is to maximize either an integral of, for example, a concave function of a state variable over a horizon from time zero (the present) to a terminal time T, or a concave function of a state variable at some future date T. As time evolves, new observations are continuously made and the control variables are continuously adjusted in optimal fashion.
Read more about this topic: Stochastic Control
Famous quotes containing the words continuous and/or time:
“Perhaps when distant people on other planets pick up some wave-length of ours all they hear is a continuous scream.”
—Iris Murdoch (b. 1919)
“A big man has no time really to do anything but just sit and be big.”
—F. Scott Fitzgerald (1896–1940)