Optimal employment and wage policies of a monopolistic firm

DOI10.1007/BF00938817MaRDI QIDQ1076597zbMATH OpenFDO

Authors Gustav Feichtinger, Mikulas Luptacik

Publication date 1987

Published in Journal of Optimization Theory and Applications (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1007/BF00938817

zbMATH Keywords

differential inclusionsgeneralized maximum principleoptimal controloptimal hiring/firing and wage policiesprofit-maximizing monopolistic firmstagflation

Mathematics Subject Classification ID

Economic growth models (91B62)

Review text

This paper deals with the problem of finding optimal hiring/firing and wage policies for a profit-maximizing monopolistic firm. The crucial assumptions of the model are convex shortage costs permitting shortages in output capacity, nonlinear hiring and firing costs, and the wage rate as control variable being restricted by a minimal level. Due to the nonsmoothness of the revenue function occurring in the objective functional, a generalized maximum principle is required to analyze the optimal control problem. The resulting phase diagram analysis provides insight into the optimal recruitment, wage, and pricing policies.

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Cites work

• scientific article; zbMATH DE number 4016551 (Why is no real title available?)
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Cited in

(8)

• Models of two-sided monopolistic competition on the labor market
• scientific article; zbMATH DE number 3862923 (Why is no real title available?)
• Optimal employment strategies of profit-maximizing and labour-managed firms
• A Dynamic activity analysis for a monopolistic firm
• scientific article; zbMATH DE number 4001349 (Why is no real title available?)
• WAGE‐RISE CONTRACT AND QUANTITY COMPETITION WITH PROFIT‐MAXIMIZING AND LABOUR‐MANAGED FIRMS
• Lagerhaltungs- und Beschäftigungsstrategien einer Firma
• On the use of Hamiltonian and maximized Hamiltonian in nondifferentiable control theory

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