Optimal relocation strategies for spatially mobile consumers

zbMATH Open1142.91628arXiv0705.0435MaRDI QIDQ3515596FDOQ3515596

Andrey A. Vassilev, Iordan V. Iordanov

Publication date: 29 July 2008

Abstract: We develop a model of the behaviour of a dynamically optimizing economic agent who makes consumption-saving and spatial relocation decisions. We formulate an existence result for the model, derive the necessary conditions for optimality and study the behaviour of the economic agent, focusing on the case of a wage distribution with a single maximum.

Full work available at URL: https://arxiv.org/abs/0705.0435

zbMATH Keywords

optimal controlconsumption decisionsspatial relocation

Mathematics Subject Classification ID

Consumer behavior, demand theory (91B42) Existence theories for optimal control problems involving ordinary differential equations (49J15) Optimality conditions for problems involving ordinary differential equations (49K15) Spatial models in economics (91B72)

Cited In (1)

• Residential relocation dynamics: A microeconomic model based on agents’ socioeconomic change and learning

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