Comparison of Optimal Control Solutions in a Labor Market Model

Gareth Leeves () and Ric D Herbert

No 98, Computing in Economics and Finance 2004 from Society for Computational Economics

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

Keywords: Labour market policies; Optimal Control. (search for similar items in EconPapers)
JEL-codes: J63 J64 J65 (search for similar items in EconPapers)
Date: 2004-08-11
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