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Dynamic optimization problems cover a great class of problems in theoretical and applied economics and technology. In this account the exploitation of a general renewable capital stock is modeled through an alternative formulation to the classical optimal control approach. We propose a very...
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Dynamic optimization problems cover a large class of problems in theoretical and applied economics. A simple iterative algorithm with fast convergence is proposed. It is demonstrated that the algorithm in a few steps produce excellent analytic (closed form) approximations including error bounds...
Persistent link: https://www.econbiz.de/10014046035
A non-linear dynamic model in two state variables, two controls and three cost terms is presented for the purpose of finding the optimal combination of exploitation and capital investment in optimal renewable resource management. Non-malleability of capital is, in other words, incorporated in...
Persistent link: https://www.econbiz.de/10014052339
We develop a discretization method for continuous-time bioeconomic models. Based on this method, we develop a discrete-time bioeconomic model to analyze seasonality in fisheries. The discretization method consists of three steps: first, we estimate a proper growth function for the...
Persistent link: https://www.econbiz.de/10014124053
We demonstrate the power of the Ensemble Kalman Filter in specifying ecosystem models ideal for bioeconomic analysis. Bioeconomic analysis requires models to be relatively simple, but models must still capture the nature and dynamics of the system. With the Ensemble Kalman Filter, we are able to...
Persistent link: https://www.econbiz.de/10013106595
In commercial fisheries, stock collapse is an intrinsic problem caused by overexploitation or due to pure stochasticity. To analyze the risk of stock collapse, we apply a relatively simple Monte Carlo approach which can capture complex stock dynamics. We use an economic model with downward...
Persistent link: https://www.econbiz.de/10013107115
Many biological and economic processes in fishery happen seasonally. Most of the extant literature tends to neglect this fact. This work is an initial attempt to treat seasonality in a systematic and proper way. We apply a periodic Bellman approach to obtain the optimal feedback policy of each...
Persistent link: https://www.econbiz.de/10012927699
This paper investigates a multi-periodic channel optimization facing uncertain, price dependent, and dynamic demand. The picture of the market uncertainty is incomplete, and only the price and time-dependent mean and standard deviation are known and may depend on the price history. The actual...
Persistent link: https://www.econbiz.de/10014345258
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