An application of optimal control theory in welfare economics

We consider the maximization of a functional representing social welfare over continuous time. A social welfare functional (SWF) is an integral that models social welfare as a function of individual consumption, individual utility of consumption and the value of utility aggregated across individuals. A SWF may be subject to constraints in the form of differential or integral equations and inequalities, which represent the production possibilities of the economy. We solve the optimization problem by applying the Pontryagin maximum principle. We consider an autarky and a command economy. We explore the interaction of impatience and productivity in autarky and the implications of different maxims of distributive justice in a command economy.

Name thesis:degree_name

Master of Science (MS)

Level thesis:degree_level

Thesis

Discipline thesis:degree_discipline

Mathematical Sciences

Grantor dc:publisher

University of Nevada, Las Vegas

Year

2000

Author dc:creator

• Scroggin, Steven Ernest

Contributors dc:contributor

• David Costa

Statement dc:rights

• IN COPYRIGHT. For more information about this rights statement, please visit http://rightsstatements.org/vocab/InC/1.0/

Language dc:language

English

Identifier

https://oasis.library.unlv.edu/rtds/1158

OAI identifier oai:identifier

oai:oasis.library.unlv.edu:rtds-2157