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...

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...

Fertility rates have been falling persistently over the past 50 years in most developed countries around the world. Simultaneously, the trend in outward migration from poorer to richer countries has been steady. These two forces have contributed to declining population growth and in some...