Abstract: The value function for an infinite horizon tracking type optimal control problem with semilinear parabolic equation is investigated. In view of a possible nonconvexity of the optimal control problem, a local version of the value function is considered. Its differentiability is proved for initial data in a neighborhood around the nominal initial value, provided a second order sufficient optimality condition is fulfilled for the nominal locally optimal control. Based on the differentiability of the value function, a Hamilton-Jacobi-Bellman equation is derived.

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