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Optimal Migration and Consumption Policies over an Individual's Random Lifetime

  • Willassen, Yngve

    ()

    (Dept. of Economics, University of Oslo)

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    The aim of this study is to determine optimal migration policies for an individual of known age-dependent mortality who accumulates capital by compound interest and also by skill-dependent income. By a continuing choice of several environments, which vary in intrinsic preference and in the rates at which they improve and reward skills, the individual have the option of developing skills, current earnings and residential preference by moving between the environments. Specifying the expected future utility which recognizes the preference for residence as well as for consumption, the corresponding dynamic programming (DP) equations are derived. The optimality of return migration is particularly investigated by studying the movement between two environments. The analysis is then extended to allow for several environments. The DP-equations are also modified to examine the effect of monetary as well as non-monetary psychic) costs. In combining the essential causes motivating migration in a tractable dynamic control model that can be used for analysing the impacts of the various factors, this paper is believed to be an contribution to the migration literature.

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    File URL: https://www.sv.uio.no/econ/english/research/unpublished-works/working-papers/pdf-files/2014/memo-01-2014.pdf
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    Paper provided by Oslo University, Department of Economics in its series Memorandum with number 01/2014.

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    Length: 39 pages
    Date of creation: 08 Jan 2014
    Date of revision:
    Handle: RePEc:hhs:osloec:2014_001
    Contact details of provider: Postal: Department of Economics, University of Oslo, P.O Box 1095 Blindern, N-0317 Oslo, Norway
    Phone: 22 85 51 27
    Fax: 22 85 50 35
    Web page: http://www.oekonomi.uio.no/indexe.html
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    1. Tunali, Insan, 2000. "Rationality of Migration," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 41(4), pages 893-920, November.
    2. George J. Borjas & Bernt Bratsberg, 1994. "Who Leaves? The Outmigration of the Foreign-Born," NBER Working Papers 4913, National Bureau of Economic Research, Inc.
    3. George J. Borjas, 1994. "The Economics of Immigration," Journal of Economic Literature, American Economic Association, vol. 32(4), pages 1667-1717, December.
    4. McCall, B P & McCall, J J, 1987. "A Sequential Study of Migration and Job Search," Journal of Labor Economics, University of Chicago Press, vol. 5(4), pages 452-76, October.
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