The deterministic and stochastic shallow lake problem

DOI10.1007/978-3-030-15338-0_3zbMATH Open1432.91090arXiv1712.04210OpenAlexW3105761636MaRDI QIDQ2290658FDOQ2290658

Authors: Michail Loulakis, Georgios T. Kossioris, Panagiotis E. Souganidis 

Publication date: 29 January 2020

Abstract: We study the welfare function of the deterministic and stochastic shallow lake problem. We show that the welfare function is the viscosity solution of the associated Bellman equation, we establish several properties including its asymptotic behaviour at infinity and we present a convergent monotone numerical scheme.

Full work available at URL: https://arxiv.org/abs/1712.04210

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zbMATH Keywords

optimal stochastic controlviscosity solutionshallow lake pollution

Mathematics Subject Classification ID

Environmental economics (natural resource models, harvesting, pollution, etc.) (91B76) Stochastic ordinary differential equations (aspects of stochastic analysis) (60H10) Viscosity solutions to Hamilton-Jacobi equations in optimal control and differential games (49L25) Optimal stochastic control (93E20)

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• The stochastic lake game: A numerical solution
• On the optimally controlled stochastic shallow lake
• A nonlinear problem related to artificial circulation in a lake

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