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Comparison of Optimal Control Solutions in a Labor Market Model

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  • Gareth D Leeves
  • Ric D Herbert

Abstract

In this paper a variety of computational optimal control techniques are compared on a complicated nonlinear discrete-time model. We use a labor market model with the objective of trying to obtain an unemployment rate objective, using an active labor market program as a control. In reality the control is constrained as only limited proportion of the unemployment can attend the labor market program. A variety of computational optimal control techniques are applied. The techniques include numerically linearizing the model and using standard linear quadratic optimal control and applying this to the nonlinear model; model based predictive control; and stacking the model over time and using optimisation techniques

Suggested Citation

  • Gareth D Leeves & Ric D Herbert, 2004. "Comparison of Optimal Control Solutions in a Labor Market Model," Computing in Economics and Finance 2004 98, Society for Computational Economics.
    • Handle: RePEc:sce:scecf4:98
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    File URL: http://repec.org/sce2004/up.31577.1077517917.pdf
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    References listed on IDEAS

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    1. Herbert, Ric D & Bell, Rod D, 2004. "Constrained macroeconomic policy development with a separate predictive model," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 64(3), pages 467-476.
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    More about this item

    Keywords

    Labour market policies; Optimal Control.;

    JEL classification:

    • J63 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Turnover; Vacancies; Layoffs
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search
    • J65 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment Insurance; Severance Pay; Plant Closings

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