Economic and demographic models governed by linear delay differential equations are expressed as optimal control problems in infinite dimensions. A general objective function is considered and the concavity of the Hamiltonian is not required. The value function is a viscosity solution of the...

Set-valued analysis combined with the principles of maintenance and acquisition allow the handling of heterogeneity, uncertainty, and diversity of economic trajectories. It makes models stem from constraints, instead of having an optimum found from a guessed (and often stylized) model. A review...

A survey and some new results are presented concerning the dynamic programming for a class of optimal control problems of partial differential equations with age-structure and of delay systems that include some applied examples from economic theory and from population dynamics. A general optimal...

The micro evidence indicates that small firms grow faster than big firms. I argue that this relationship between the expected growth rate of a firm and its size may provide a micro foundation for the well-known high degree of persistence of shocks to aggregate output. The logic goes as follows....

In this work, we study the dynamics of Solow’s economic growth model assuming that the labor force growth rate function, n(t), is a solution of a delay differential equation. This approach is motivated by the fact that there are delays in entering and retiring an individual from the labor...