Optimal Control of a Three-Sector Economy: Maximizing Total Per Capita Consumption by Allocating Labor and Investment

V. V. Dodonov 1
, 
Leonid Chechurin 1
1
 
LUT School of Engineering Science, LUT University, Lappeenranta, Finland | 
Publication type: Book Chapter
Publication date: 2025-02-12
Springer Nature
scimago Q4
SJR: 0.166
CiteScore: 1.0
Impact factor: —
ISSN: 23673370, 23673389
Abstract
The dynamics of a three-sector economy (productions of materials, investment, consumption) is considered. The problem of optimal allocation of resources over a time interval is posed. The allocation of labor and the allocation of investment are chosen as control variables. The numerical maximization of the total per capita consumption is carried out. Per capita variables, time discretization, and equation approximations are used. An algorithm for quickly finding the optimal control is proposed. The solution for a particular case of the economy is obtained. A better result is shown with the accumulation of excess materials than with the production of only the required amount of materials.
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Dodonov V. V. et al. Optimal Control of a Three-Sector Economy: Maximizing Total Per Capita Consumption by Allocating Labor and Investment // Lecture Notes in Networks and Systems. 2025. pp. 124-131.
GOST all authors (up to 50) Copy
Dodonov V. V., Chechurin L. Optimal Control of a Three-Sector Economy: Maximizing Total Per Capita Consumption by Allocating Labor and Investment // Lecture Notes in Networks and Systems. 2025. pp. 124-131.
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TY - GENERIC
DO - 10.1007/978-3-031-72506-7_17
UR - https://link.springer.com/10.1007/978-3-031-72506-7_17
TI - Optimal Control of a Three-Sector Economy: Maximizing Total Per Capita Consumption by Allocating Labor and Investment
T2 - Lecture Notes in Networks and Systems
AU - Dodonov, V. V.
AU - Chechurin, Leonid
PY - 2025
DA - 2025/02/12
PB - Springer Nature
SP - 124-131
SN - 2367-3370
SN - 2367-3389
ER -
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@incollection{2025_Dodonov,
author = {V. V. Dodonov and Leonid Chechurin},
title = {Optimal Control of a Three-Sector Economy: Maximizing Total Per Capita Consumption by Allocating Labor and Investment},
publisher = {Springer Nature},
year = {2025},
pages = {124--131},
month = {feb}
}