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The choice of occupation is made simultaneously with human capital investments so as to maximize expected lifetime earnings.
Within the model, agents maximize expected lifetime income by choosing their labor market state and the intensity with which they search for work if not employed.
The model builds on the standard DMP framework where individuals maximize expected lifetime income by choosing their labor market state and the intensity with which they search for work if not employed.
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We used a dynamic state variable model to predict the migration strategy of the Barnacle goose that maximizes expected lifetime reproductive success under different environmental circumstances.
In our model, unitary households maximise expected lifetime utility.
Make acquisitions that maximize expected value, even at the expense of lowering near-term earnings.
Make strategic decisions that maximize expected value, even at the expense of lowering near-term earnings.
Why choose acts that maximize expected utility?
If expected utilities are partition-sensitive, then acts that maximize expected utility may be partition-sensitive.
The ability to maximize expected value improved with age.
In this problem, the infinitely-lived agent wants to maximize her expected lifetime utility: V x):=sup_{(c,pi inmathcal{A}(x)} mathbb{E} biggl[ int _{0}^{infty}e^{-rho t}bigl(c_{t}-Rc^{2}_{t} bigr),dt biggr] (3.1) subject to the budget constraint (2.2) and the negative wealth constraint (2.3).
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com