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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. 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.
    3. 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.
    4. repec:bla:ecorec:v:77:y:2001:i:237:p:117-34 is not listed on IDEAS
    5. Matthew Higgins & Jeffrey G. Williamson, 1996. "Asian Demography and Foreign Capital Dependence," NBER Working Papers 5560, National Bureau of Economic Research, Inc.
    6. 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.
    7. 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.
    8. repec:fth:harver:1490 is not listed on IDEAS
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    1. repec:bge:wpaper:353 is not listed on IDEAS
    2. repec:bge:wpaper:368 is not listed on IDEAS
    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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    More about this item

    JEL classification:

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

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