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Modelling vintage structures with DDEs: principles and applications

Raouf Boucekkine (), David de la Croix () and Omar Lidandro
Additional contact information
Omar Lidandro: European University Institute, Firenze, and FEDEA, Madrid

No 2004004, Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) from Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES)

Abstract: A comprehensive study of the linkages between demographic and economic variables should not only account for vintage specificity but also incorporate the relevant economic and demographic decisions in a complete optimal control set-up. In this paper, a methodological set-up allowing to reach the objectives is described. In this framework, time is continuous but agents take discrete timing decisions. The mixture of continuous and discrete time yields differential-difference equations (DDEs). This paper shows clearly that the approach allows for a relatively complete and rigorous analytical exploration in some special cases (mainly linear or quasi linear models), and for an easy computational appraisal in the general case.

Keywords: Demography; Economic growth; Vintage structures; Optimal control; Differential-difference equations; State-dependence (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ino
Date: 2004-03-01
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http://sites.uclouvain.be/econ/DP/IRES/2004-4.pdf (application/pdf)

Related works:
Journal Article: MODELLING VINTAGE STRUCTURES WITH DDEs: PRINCIPLES AND APPLICATIONS (2004) Downloads
Working Paper: Modelling vintage structures with DDEs: principles and applications (2004) Downloads
Working Paper: Modelling vintage structures with DDEs: principles and applications (2004) Downloads
Working Paper: Modelling vintage structures with DDEs: principles and applications (2004) Downloads
Working Paper: Modelling vintage structures with DDEs: Principles and applications Downloads
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