Robust policy selection and harvest risk quantification for natural resources management under model uncertainty

DOI10.3934/JDG.2022004MaRDI QIDQ2140240zbMATH OpenOpenAlexFDO

Authors Georgios I. Papayiannis

Publication date 20 May 2022

Published in Journal of Dynamics and Games (Search for Journal in Brave)

Full work available at URL https://arxiv.org/abs/2202.05326

zbMATH Keywords

model uncertaintyoptimal controlWasserstein barycenterrobust decision makingFréchet risk measures

Mathematics Subject Classification ID

Environmental economics (natural resource models, harvesting, pollution, etc.) (91B76) Applications of optimal control and differential games (49N90) Risk models (general) (91B05)

Abstract: In this work the problem of optimal harvesting policy selection for natural resources management under model uncertainty is investigated. Under the framework of the neoclassical growth model dynamics, the associated optimal control problem is investigated by introducing the concept of model uncertainty on the initial conditions of the operational procedure. At this stage, the notion of convex risk measures, and in particular the class of Fr'echet risk measures, is employed in order to quantify the total operational and marginal risk, whereas simultaneously obtaining robust to model uncertainty harvesting strategies.

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Cited in

(6)

• Renewal theory and natural resource regulatory policy under uncertainty
• Uncertain measurements of renewable resources: Approximations, harvesting policies and value of accuracy
• Robust mathematical programming for natural resource modeling under parametric uncertainty
• Optimal harvesting policy for biological resources with uncertain heterogeneity for application in fisheries management
• Greed is good: Heuristic adaptations for resilience in renewable resource management
• Optimal investment in a general stochastic factor framework under model uncertainty

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