Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/204558 
Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
ECON WPS No. 06/2019
Verlag: 
Vienna University of Technology, Institute of Statistics and Mathematical Methods in Economics, Research Group Economics, Vienna
Zusammenfassung: 
The paper presents a transformation of a multi-stage optimal control model with random switching time to an age-structured optimal control model. Following the mathematical transformation, the advantages of the present approach, as compared to a standard backward approach, are discussed. They relate in particular to a compact and unified representation of the two stages of the model, the applicability of well-known numerical solution methods, and the illustration of state- and control dynamics. The paper closes with a simple example on a macroeconomic shock, illustrating the workings and advantages of the approach.
Schlagwörter: 
optimal control theory
age-structured optimal control theory
multistage
random switch
catastrophic disaster
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
577.87 kB





Publikationen in EconStor sind urheberrechtlich geschützt.