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Welfare Analysis of HIV/AIDS: Formulating and Computing a Continuous Time Overlapping Generations Policy Model

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Author Info
Shorish, Jamsheed (Department of Economics and Finance, Institute for Advanced Studies, Vienna, Austria and Department of Economics, University of Illinois at Urbana-Champaign)

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Abstract

We introduce a continuous time overlapping generations demographic model, in which a social planner seeks to generate an optimal policy for influencing the demographic change of the underlying population in a neoclassical growth model. The model has the notable feature that the underlying state space is a continuum, leading to a Hamilton-Jacobi-Bellman PDE system which is defined over a Hilbert space generated by the ages of the population cohorts. In this technical report the dynamic programming problem is presented and the numerical approximation using a finite difference approximation is derived. This analysis is part of a larger research program on welfare analysis and policy development for the HIV/AIDS global pandemic.

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File URL: http://www.ihs.ac.at/publications/eco/es-211.pdf
File Format: application/pdf
File Function: First version, 2007
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Publisher Info
Paper provided by Institute for Advanced Studies in its series Economics Series with number 211.

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Length: 32 pages
Date of creation: May 2007
Date of revision:
Handle: RePEc:ihs:ihsesp:211

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Postal: Institute for Advanced Studies - Library, Stumpergasse 56, A-1060 Vienna, Austria

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Related research
Keywords: Optimal control; continuous time overlapping generations; Hamilton-Jacobi-Bellman PDE; finite difference approximation; HIV/AIDS; demographic modeling;

Other versions of this item:

Find related papers by JEL classification:
C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis
C63 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Computational Techniques
D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. McDonald, Scott & Roberts, Jennifer, 2006. "AIDS and economic growth: A human capital approach," Journal of Development Economics, Elsevier, vol. 80(1), pages 228-250, June. [Downloadable!] (restricted)
    Other versions:
  2. Stephen Dike, 2002. "Research on the Economic Impact of HIV/AIDS in South Africa:Review of Methodology and Lessons Learned," South African Journal of Economics, Economic Society of South Africa, vol. 70(7), pages 606-609, 09. [Downloadable!] (restricted)
  3. Lloyd, P J, 1991. "Aids: An Economic Approach to the Choice of Policies," The Economic Record, The Economic Society of Australia, vol. 67(197), pages 126-38, June.
  4. Simon Dixon & Scott McDonald & Jennifer Roberts, 2001. "HIV|AIDS and development in Africa," Journal of International Development, John Wiley & Sons, Ltd., vol. 13(4), pages 381-389. [Downloadable!]
  5. Paulo Brito & Rui Dilao, 2006. "Equilibrium price dynamics in an overlapping-generations exchange economy," Working Papers 2006/27, Department of Economics at the School of Economics and Management (ISEG), Technical University of Lisbon.. [Downloadable!]
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  6. David Canning, 2006. "The Economics of HIV/AIDS in Low-Income Countries: The Case for Prevention," Journal of Economic Perspectives, American Economic Association, vol. 20(3), pages 121-142, Summer.
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  7. Jeff DeSimone & Edward J. Schumacher, 2004. "Compensating Wage Differentials and AIDS Risk," NBER Working Papers 10861, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  8. Emily Oster, 2005. "Sexually Transmitted Infections, Sexual Behavior, and the HIV/AIDS Epidemic," The Quarterly Journal of Economics, MIT Press, vol. 120(2), pages 467-515, May.
  9. Robalino, David A. & Jenkins, Carol & El Maroufi, Karim, 2002. "Risks and macroeconomic impacts of HIV/AIDS in the Middle East and North Africa : why waiting to intervene can be costly," Policy Research Working Paper Series 2874, The World Bank. [Downloadable!]
  10. Markus Haacker & N. F. R. Crafts, 2003. "Welfare Implications of HIV/AIDS," IMF Working Papers 03/118, International Monetary Fund.
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