Despite ‘joy of giving models’ have been extensively examined in the literature, the Ramsey growth model has never been explored under the assumption of a direct preference for bequeathing savings that are reinvested. This assumption implies a Utility function depending on both consumption...

We consider an economic scenario where the government seeks to achieve a favourable balance-of-payments over a fixed planning horizon through exchange rate policy and control of the domestic interest rate. We view the dynamics of such an economy as a bounded optimal control problem where the...

Purpose: The aim of this paper is to develop a dynamic model to simultaneously determine the optimal position of the decoupling point and the optimal path of the production rate as well as the inventory level in a supply chain. With the objective to minimize the total cost of the deviation from...

This paper links Hotelling's theory, in recent literature applied to an emission constrained environment, with the classical capacity planning framework to describe portfolio time-paths in electricity production. Emission targets are considered by a ceiling on the stock of pollution. We propose...

The regional policy problem is often conceived as a trade-off between aggregate efficiency and interregional equity. A policy to allocate investment across regions frequently causes a contradiction in the aims of regional policy, in the sense that it might lead to high rates of aggregate growth...

This paper links Hotelling's theory, in recent literature applied to an emission constrained environment, with the classical capacity planning framework to describe portfolio time-paths in electricity production. Emission targets are considered by a ceiling on the stock of pollution. We propose...

This paper links Hotelling's theory, in recent literature applied to an emission constrained environment, with the classical capacity planning framework to describe portfolio timeâ€paths in electricity production. Emission targets are considered by a ceiling on the stock of pollution. We...

The reproductive value (see Fisher 1930) arises as part of the shadow price of the population in a large class of age-structured optimal control models.