Transversality condition for infinite-horizon problems

We present necessary conditions of optimality for an infinitehorizon optimal control problem. The transversality condition is derived with the help of stability theory and is formulated in terms of the Lyapunov exponents of solutions to the adjoint equation. A problem without an exponential factor in the integral functional is considered. Necessary and sufficient conditions of optimality are proved for linear quadratic problems with conelike control constraints.