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Age-structured optimal control in population economics

Author

Listed:
  • Gustav Feichtinger
  • Alexia Prskawetz

    (Max Planck Institute for Demographic Research, Rostock, Germany)

  • Vladimir M. Veliov

Abstract

This paper brings both intertemporal and age-dependent features to a theory of population policy at the macro-level. A Lotkatype renewal model of population dynamics is combined with a Solow/Ramsey economy. By using a new maximum principle for distributed parameter control we derive meaningful qualitative results for the optimal migration path and the optimal saving rate.

Suggested Citation

  • Gustav Feichtinger & Alexia Prskawetz & Vladimir M. Veliov, 2002. "Age-structured optimal control in population economics," MPIDR Working Papers WP-2002-045, Max Planck Institute for Demographic Research, Rostock, Germany.
    • Handle: RePEc:dem:wpaper:wp-2002-045
    DOI: 10.4054/MPIDR-WP-2002-045
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    References listed on IDEAS

    as
    1. W. Brian Arthur & Geoffrey McNicoll, 1977. "Optimal Time Paths with Age-Dependence: A Theory of Population Policy," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 44(1), pages 111-123.
    2. David M. Cutler & James M. Poterba & Louise M. Sheiner & Lawrence H. Summers, 1990. "An Aging Society: Opportunity or Challenge?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 21(1), pages 1-74.
    3. Gustav Feichtinger & Vladimir Veliov & Tsvetomir Tsachev, 2004. "Maximum Principle For Age And Duration Structured Systems: A Tool For Optimal Prevention And Treatment Of Hiv," Mathematical Population Studies, Taylor & Francis Journals, vol. 11(1), pages 3-28.
    4. Guest, Ross S & McDonald, Ian M, 2001. "Ageing, Optimal National Saving and Future Living Standards in Australia," The Economic Record, The Economic Society of Australia, vol. 77(237), pages 117-134, June.
    5. repec:fth:harver:1490 is not listed on IDEAS
    6. Lindh, Thomas, 2000. "Productivity slowdown due to scarcity of capital to scrap in a putty-clay model," Economics Letters, Elsevier, vol. 69(2), pages 225-233, November.
    7. Matthew Higgins & Jeffrey G. Williamson, 1996. "Asian Demography and Foreign Capital Dependence," NBER Working Papers 5560, National Bureau of Economic Research, Inc.
    8. Börsch-Supan, Axel, 2002. "International Comparison of Household Savings Behaviour: The German Savings Puzzle," MEA discussion paper series 02006, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
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    Cited by:

    1. Ana Rute Cardoso & Paulo Guimarães & Klaus F. Zimmermann, 2010. "Comparing the early research performance of PhD graduates in labor economics in Europe and the USA," Scientometrics, Springer;Akadémiai Kiadó, vol. 84(3), pages 621-637, September.
    2. Xabadia, Angels & Goetz, Renan U., 2010. "The optimal selective logging regime and the Faustmann formula," Journal of Forest Economics, Elsevier, vol. 16(1), pages 63-82, January.
    3. Fabbri, Giorgio & Gozzi, Fausto & Swiech, Andrzej, 2007. "Verification theorem and construction of epsilon-optimal controls for control of abstract evolution equations," MPRA Paper 3547, University Library of Munich, Germany.

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    JEL classification:

    • J1 - Labor and Demographic Economics - - Demographic Economics
    • Z0 - Other Special Topics - - General

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