Comparison of Optimal Control Solutions in a Labor Market Model
AbstractIn this paper a variety of computational optimal control techniques are compared on a complicated nonlinear discrete-time model. We use a labor market model with the objective of trying to obtain an unemployment rate objective, using an active labor market program as a control. In reality the control is constrained as only limited proportion of the unemployment can attend the labor market program. A variety of computational optimal control techniques are applied. The techniques include numerically linearizing the model and using standard linear quadratic optimal control and applying this to the nonlinear model; model based predictive control; and stacking the model over time and using optimisation techniques
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Bibliographic InfoPaper provided by Society for Computational Economics in its series Computing in Economics and Finance 2004 with number 98.
Date of creation: 11 Aug 2004
Date of revision:
Labour market policies; Optimal Control.;
Find related papers by JEL classification:
- J63 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Turnover; Vacancies; Layoffs
- J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search
- J65 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment Insurance; Severance Pay; Plant Closings
This paper has been announced in the following NEP Reports:
- NEP-ALL-2004-08-16 (All new papers)
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.:
- Herbert, Ric D & Bell, Rod D, 2004. "Constrained macroeconomic policy development with a separate predictive model," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 64(3), pages 467-476.
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