Wrzaczek, Stefan Kuhn, Michael Prskawetz, Alexia Feichtinger, Gustav
Year of Publication:
Vienna Institute of Demography Working Papers 4/2009
We show that in a large class of distributed optimal control models (DOCM), where population is described by a McKendrick type equation with an endogenous number of newborns, the reproductive value of Fisher shows up as part of the shadow price of the population. Depending on the objective function, the reproductive value may be negative. Moreover, we show results of the reproductive value for changing vital rates. To motivate and demonstrate the general framework, we provide examples in health economics, epidemiology, and population biology.
Reproductive value distributed optimal control theory McKendrick shadow price indirect effect health economics epidemiology population biology