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:
“For Lawrence, existence was one continuous convalescence; it was as though he were newly reborn from a mortal illness every day of his life. What these convalescent eyes saw, his most casual speech would reveal.”
—Aldous Huxley (1894–1963)
“My time has been passed viciously and agreeably; at thirty-one so few years months days hours or minutes remain that “Carpe Diem” is not enough. I have been obliged to crop even the seconds—for who can trust to tomorrow?”
—George Gordon Noel Byron (1788–1824)