Optimal control of dams using \(P_{\lambda,\tau}^{M}\) policies and penalty cost (Q596847)

In a series of publications, the author has studied optimal control of dams with various input processes, using \(P^M_{\lambda,\tau}\) policies. This paper is essentially a summary of results proved in a submitted paper treating the problem with a Lévy input. The optimal control is calculated with respect to the total discounted cost, as well as the long run average cost.