Age-structured optimal control in population economics |
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Authors: | Feichtinger Gustav Prskawetz Alexia Veliov Vladimir M |
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Institution: | Institute for Econometrics, Operations Research and Systems Theory, Vienna University of Technology, Argentinierstrasse 8/119, A-1040 Vienna, Austria. or@e119ws1.tuwien.ac.at |
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Abstract: | This paper brings both intertemporal and age-dependent features to a theory of population policy at the macro-level. A Lotka-type renewal model of population dynamics is combined with a Solow/Ramsey economy. We consider a social planner who maximizes an aggregate intertemporal utility function which depends on per capita consumption. As control policies we consider migration and saving rate (both age-dependent). By using a new maximum principle for age-structured control systems we derive meaningful results for the optimal migration and saving rate in an aging population. The model used in the numerical calculations is calibrated for Austria. |
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