Title: An application of optimal control theory in medical sciences: Optimal investment in number of doctors

Abstract

Health care is ever more important with the aging population and with the increased awareness of the importance of the medical systems due to the corona crisis that showed the capacity of the health care infrastructure, especially in terms of numbers of health care personnel such as doctors, was not sufficient. Assuming that the number of doctors per patient is one of the determinants of patient satisfaction, optimal investments in new doctors, specialist doctors and foreign doctors are analyzed. Optimal Control Theory is employed to determine the optimal investment strategy for new doctors (new graduates), specialists and foreign doctors to maximize the net (of costs) patient satisfaction over a fixed time horizon. It is found that a nation with an insufficient number of total doctors and specialist doctors at the beginning of the planning horizon should increase the investment in new doctors as a quadratic function of time, increase the local specialist doctors linearly, while employing foreign doctors as to equate their cost to the marginal satisfaction of patients

Biography

• Professor Akan holds a BS degree in Electrical Engineering from Robert College, and MBA and Doctorate degrees from Bosphoros University. He joined Haliç University in 2010. • He teaches both quantitative methods and finance courses at Halic University and a graduate level course (Optimal Control Theory) at Bosphoros University. He was a visiting professor in summers (2020,2021) at Ingolstadt (THI, Germany). • He was the manager of Treasury, Economic Research, and Planning Departments at Interbank and İktisat Bank for 5 years, the Executive Vice-President of Garanti Bank in charge of Treasury and Investment Banking Departments for 6 years. He served as the CEO of İmtaş(UAP), Ege, Generali, and Liberty İnsurance companies between 1992-2008. • Professor Akan has published several articles in scientific journals, participated as a keynote speaker in several conferences, and published two books one in finance with a colleague and another on optimal control theory.