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The Reproductive Value as Part of the Shadow Price of Population

    Gustav Feichtinger, Michael Kuhn, Alexia Prskawetz, Stefan Wrzaczek

VID Working Papers, pp. 1-11, 2021/12/02

doi: 10.1553/0x003d08da


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doi:10.1553/0x003d08da

Abstract

The reproductive value (see Fisher 1930) arises as part of the shadow price of thepopulation in a large class of age-structured optimal control models.

Keywords: Reproductive value, distributed optimal control theory, McKendrick equation, shadow price, indirect effect