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Optimal Control Analysis of Unemployment Models-A Stochastic Approach

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

Abstract



The stochastic unemployment model is formulated with regular and temporary employments and vacancies as control variables. The dynamics of the model is studied in a finite time interval. Optimal control analysis is carried out using Hamilton-Jacobi-Belman equation. The proposed model is validated through simulation studies.

Keywords


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

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