English Explanatory Dictionary

transversality condition

English dictionary entry

Meanings

noun
  1. A terminal condition on a costate variable in a, usually infinite, time optimization problem.

Word forms

transversality condition transversality conditions

Etymology

To quote from Optimization in economics and finance : This terminal condition on λ(T) has often been called a transversality condition, for historical reasons deriving from time-optimal problems, where the (variable) time T to reach a target is minimized. In that situation, the transversality condition appears as a description of how the optimal path crosses a terminal line (graphing state against T).

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