Record link: 
http://hdl.handle.net/20.500.12708/217204
-
Title: 
Optimization in Age-Structured Dynamic Economic Models
en
Citation: 
Freiberger, M., Kuhn, M., Prskawetz, A., Sanchez-Romero, M., & Wrzaczek, S. (2025). Optimization in Age-Structured Dynamic Economic Models. In F. El Ouardighi & G. Feichtinger (Eds.), The Unaffordable Price of Static Decision-making Models : Challenges in Economics and Management Science (Vol. 365, pp. 35–62). Springer. https://doi.org/10.1007/978-3-031-88638-6_4
-
Publisher DOI: 
10.1007/978-3-031-88638-6_4
-
Publication Type: 
Book Contribution - Edited Volume Contribution
en
Language: 
English
-
Authors: 
Freiberger, Michael 
Kuhn, Michael 
Prskawetz, Alexia 
Sanchez-Romero, Miguel 
Wrzaczek, Stefan 
-
Organisational Unit: 
E105-03 - Forschungsbereich Ökonomie 
-
Published in: 
The Unaffordable Price of Static Decision-making Models : Challenges in Economics and Management Science 
-
ISBN: 
978-3-031-88637-9
-
Date (published): 
2025
-
Number of Pages: 
28
-
Publisher: 
Springer, Cham
-
Keywords: 
static models; dynamic modeling; myopic decision-making; farsightedness; dynamic game theory; optimal control; dynamic programming; uncertainty; history dependency; distributed parameters; switching regime; information structure; modes of play; complex behaviour; dynamic decision-making models
en
Abstract: 
Age-structured optimal control models experience increasing applications in various research fields including, e.g., demography, economics, operations research, epidemiology, and environmental economics. In this paper we present the mathematical theory and potential applications of age-structured optimal control models. We first state the general form of the problem and present the necessary optimality conditions. To illustrate the mathematical theory we introduce a toy model on air pollution, where consumption induces pollution which in turn negatively affects utility, fertility, and mortality. We solve the model analytically and present numerical simulations. The potential of an age-structure approach to solve non-standard optimal control models is demonstrated by considering optimal control models with random switches or time-lags and delays.
en
Research Areas: 
Mathematical Methods in Economics: 50%
Modeling and Simulation: 50%
-
Science Branch: 
5020 - Wirtschaftswissenschaften: 70%
1010 - Mathematik: 30%
-
Appears in Collections:
Book Contribution

Show full item record

Page view(s)

17
checked on Jul 22, 2025

Google ScholarTM

Check