Comparison of Optimal Control Solutions in a Labor Market Model
In 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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- 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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