Optimal exploitation of renewable resource stocks: necessary conditions

DOI10.1002/OCA.737MaRDI QIDQ5695585zbMATH OpenOpenAlexFDO

Authors J. Baumeister, A. Leitão

Publication date 13 October 2005

Published in Optimal Control Applications \& Methods (Search for Journal in Brave)

Full work available at URL https://arxiv.org/abs/2012.00609

zbMATH Keywords

fishery managementimpulsive controlmaximum principleoptimal control

Mathematics Subject Classification ID

Optimality conditions for problems involving ordinary differential equations (49K15) Applications of optimal control and differential games (49N90) Environmental economics (natural resource models, harvesting, pollution, etc.) (91B76) Ecology (92D40)

Abstract: We study a model for the exploitation of renewable stocks developed in Clark et al. (Econometrica 47 (1979), 25-47). In this particular control problem, the control law contains a measurable and an impulsive control component. We formulate Pontryagin's maximum principle for this kind of control problems, proving first order necessary conditions of optimality. Manipulating the correspondent Lagrange multipliers we are able to define two special switch functions, that allow us to describe the optimal trajectories and control policies nearly completely for all possible initial conditions in the phase plane.

Recommendations

• Optimal control in renewable resources modeling
• Optimal control of renewable resources with alternative use
• scientific article; zbMATH DE number 3970448
• Polynomial profits in renewable resources management
• Optimal cyclic exploitation of renewable resources

Cited in

(13)

• Optimal management of the growth potential of renewable resources
• The cyclical exploitation of renewable resource stocks may be optimal
• Optimal cyclic exploitation of renewable resources
• Optimal control of renewable resources based on the effective utilization rate
• Does a renewable natural resource usually have many near-optimal allocation paths?
• A simplified feedback approach to optimal resource management.
• Optimal control in renewable resources modeling
• scientific article; zbMATH DE number 6686681 (Why is no real title available?)
• scientific article; zbMATH DE number 3970448 (Why is no real title available?)
• The Optimal Depletion and Exploration of a Nonrenewable Resource
• Regulation of Renewable Resource Exploitation
• A mixed control problem of the management of natural resources
• On the value function for nonautonomous optimal control problems with infinite horizon

This page was built for publication: Optimal exploitation of renewable resource stocks: necessary conditions

Report a bug (only for logged in users!)Click here to report a bug for this page (MaRDI item Q5695585)