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Optimal control analysis for Stochastic Unemployment Model

Shankrevva Gani, Shrishail R. Gani, Surekha B. Munoli


This paper endeavors to propose stochastic model for unemployment. An optimal control policy for the proposed model is derived using implemented policies of government to provide employment to unemployed persons and to create new vacancies. Numerical simulations are carried out to validate the derived results.


unemployment, stochastic model, Hamilton-Jacobi-Bellman equation, quadratic cost function, adjoint variables, stochastic dynamic programming

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