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:
“There is no such thing as a life of passion any more than a continuous earthquake, or an eternal fever. Besides, who would ever shave themselves in such a state?”
—George Gordon Noel Byron (1788–1824)
“There are many events in the womb of time which will be delivered.”
—William Shakespeare (1564–1616)