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Gregory, J. and Lin, C. (1992) Constrained Optimization in the Calculus of Variations and Optimal Control Theory. Chapman & Hall, London.

has been cited by the following article:

  • TITLE: Labor-Leisure Choice: Is Everything as Straightforward as One Might Have Thought?

    AUTHORS: Emin Gahramanov, Xueli Tang

    KEYWORDS: Life-Cycle Consumption and Labor Supply, Constrained Optimal Control

    JOURNAL NAME: Theoretical Economics Letters, Vol.6 No.4, August 11, 2016

    ABSTRACT: We argue that a full understanding of a rational labor supply choice in a standard dynamic life cycle framework is obscure, despite the framework’s being seemingly self-explanatory, straight-forward, and intuitively sensible. In a completely friction-free environment, we, to our knowledge, are the first to provide a complete analytic solution to the benchmark model that presumes a kind of labor supply behavior that is typically taken as the standard in economic studies. We find that such standard behavior holds only for a narrow set of parameters. For many alternative parameterizations, the labor supply behavior of a rational agent is either highly unrealistic, or extremely hard to predict and interpret. A complete understanding of a rational, intertemporal labor supply choice requires further analysis.