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• W2992156795 abstract "Abstract 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." @default.
• W2992156795 created "2019-12-13" @default.
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• W2992156795 date "2019-12-07" @default.
• W2992156795 modified "2023-09-26" @default.
• W2992156795 title "Using Age Structure for a Multi-stage Optimal Control Model with Random Switching Time" @default.
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• W2992156795 doi "https://doi.org/10.1007/s10957-019-01598-5" @default.
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