In this paper a continuous time stochastic control model for an optimal choice of the public expenditure and taxation policy is developed in order to obtain an optimal level of welfare. We define welfare a situation in which the current income is as closed as possible to its full employment level. The mathematical tool we use is the Hamilton-Jacoby-Bellman equation applied to the minimization of an integral operator whose variable is described by a controlled stochastic differential equation.
File allegati a questo prodotto
Non ci sono file associati a questo prodotto.