Dynamic optimization model of financial resources distribution for accelerated promotion to the regional human capital development

Lev S. Mazelis (), Andrey A. Krasko () and Elena V. Krasova ()
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Lev S. Mazelis: Vladivostok State University of Economics and Service
Andrey A. Krasko: Vladivostok State University of Economics and Service
Elena V. Krasova: Vladivostok State University of Economics and Service

Economic Consultant, 2019, vol. 28, issue 4, 21-30

Abstract: The research is made as part of the actual scientific and practical task, which is the accumulation and development of human capital in Russian regions. In conditions of risk and limited resources, the regional management is faced with the problem of optimal financial resources distribution concerning the human capital development and improving the life quality. The purpose of the research is to design and test on the example of Primorsky region a dynamic optimization model for the financial resources distribution in the areas of investment in human capital. The multi-period economic and mathematical model describes in recurrence dependencies format the influence of volumes and structure of state and private investments on regional human capital. The target function of the model is an integral indicator showing how targets in regional human capital were reached. The model is one of the math programming tasks, and optimization variables are the shares of the investment resources distribution by investment areas and years. In terms of practice the proposed model is a management tool to find the optimal structure for distribution of investments in human capital by investment areas and time periods. Based on the results of modeling and numerical calculations on the example of Primorsky region in dynamics over the years, the investment structure advancing as much as possible get the human capital targets was proposed and described. It is concluded that in the long term, a more equable investment structure in areas will contribute to the achievement of targets: along with education and healthcare, it is advisable to increase investments to other areas, principally to national politics, national security, public order protection, and social policy.

Keywords: regional human capital; investment in human capital; financial resources; socially responsible investment; investment structure optimization; multi-period economic and mathematical model; regional development target indicators; regional economy (search for similar items in EconPapers)
JEL-codes: J24 (search for similar items in EconPapers)
Date: 2019
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