Showing 1 - 10 of 20
We show that in a large class of distributed optimal control models (DOCM), where population is described by a McKendrick type equation with an endogenous number of newborns, the reproductive value of Fisher shows up as part of the shadow price of the population. Depending on the objective...
Persistent link: https://www.econbiz.de/10003890393
Persistent link: https://www.econbiz.de/10003702004
Persistent link: https://www.econbiz.de/10009356741
Persistent link: https://www.econbiz.de/10009376147
Persistent link: https://www.econbiz.de/10009230247
We examine within a life-cycle set-up the simultaneous choice of health care and retirement (together with consumption), when health care contributes to both a reduction in mortality and in morbidity. Health tends to impact on retirement via morbidity, determining the disutility of work, and...
Persistent link: https://www.econbiz.de/10009674963
We study the optimal control of a pollutant that accumulates with a delay.We find that optimal paths are, in general, non-monotonic and oscillatory, but monotonic if the objective function is additively separable. Hence, using additively separable objective functions as an approximation to a...
Persistent link: https://www.econbiz.de/10003762155
In this paper I study the optimal control path for a (capital or pollution) stock which accumulates time with a lag to its control. It is shown that the optimal control path is non-monotonic and cyclical in general, but it is monotonic if the objective function is additively separable in the...
Persistent link: https://www.econbiz.de/10002189291
We formulate an optimal control capital accumulation model with a Leontief-type production function and an exogenously given time-lag between investment and the accumulation of the capital stock, to analyze the qualitative and quantitative influence of time-lags on the system dynamics. As known...
Persistent link: https://www.econbiz.de/10002821796
Persistent link: https://www.econbiz.de/10002072583