Mathematical Model of Human Capital Dynamics-Reference-Cited by-同舟云学术

Mathematical Model of Human Capital Dynamics

Published:2023-10-01 Issue:10 Volume:63 Page:1747-1760
ISSN:0044-4669
Container-title:Журнал вычислительной математики и математической физики
language:
Short-container-title:Žurnal vyčislitelʹnoj matematiki i matematičeskoj fiziki

Author:

Trusov N. V.¹²³,Shananin A. A.¹²³⁴

Affiliation:

1. Federal Research Center “Computer Science and Control,” Russian Academy of Sciences

2. Moscow Center for Fundamental and Applied Mathematics

3. All-Russia Research Institute of Labor, Ministry of Labor and Social Protection of the Russian Federation

4. Peoples’ Friendship University of Russia (RUDN University)

Abstract

A mathematical description of household economic behavior is studied. On the one hand, households are consumers that seek to maximize the discounted utility function in an imperfect market of savings and consumer loans. On the other hand, households are workers in the labor market; they receive a wage and seek to enhance their skills to receive a higher wage. An increase in the level of worker’s skill is achieved via investment in human capital. In this paper, a mathematical model of the worker’s behavior in the labor market is represented in the form of an infinite-horizon optimal control problem. A solution existence theorem is proved, and necessary optimality conditions are obtained in the form of Pontryagin’s maximum principle. The model is identified using Russian statistical data for various social layers.

Publisher

The Russian Academy of Sciences

Reference11 articles.

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