Verification results for age-structured models of economic-epidemics dynamics

DOI10.1016/J.JMATECO.2020.102455MaRDI QIDQ2656367zbMATH OpenOpenAlexWikidataFDO

Authors Giorgio Fabbri, Fausto Gozzi, Giovanni Zanco

Publication date 11 March 2021

Published in Journal of Mathematical Economics (Search for Journal in Brave)

Full work available at URL https://arxiv.org/abs/2008.07335, https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7834896

zbMATH Keywords

COVID-19epidemiological dynamicsHilbert spacesmacro-dynamic modelsverification theorem

Mathematics Subject Classification ID

Dynamic programming (90C39) Economic dynamics (91B55) Mathematical geography and demography (91D20) Epidemiology (92D30)

Abstract: In this paper we propose a macro-dynamic age-structured set-up for the analysis of epidemics/economic dynamics in continuous time. The resulting optimal control problem is reformulated in an infinite dimensional Hilbert space framework where we perform the basic steps of dynamic programming approach. Our main result is a verification theorem which allows to guess the feedback form of optimal strategies. This will be a departure point to discuss the behavior of the models of the family we introduce and their policy implications.

Review text

The authors propose a macro-dynamic age-structured set-up for the analysis of epidemics or economic dynamics in continuous time, with the associated optimal control problem reformulated in an infinite dimensional Hilbert space framework; their main result identifies the feedback form of the optimal strategies in the model.

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Cited in

(5)

• The economics of epidemics and contagious diseases: an introduction
• Mathematical model of economic dynamics in an epidemic
• Economic epidemiological modelling: a progress report
• Hyperbolic techniques in epidemiological modeling
• Optimal control in infinite-dimensional spaces and economic modeling: state of the art and perspectives

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