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Distributed parameter systems approach to the optimal cattle ranching problem
Author(s) -
Derzko N.,
Sethi S. P.,
Thompson G. L.
Publication year - 1980
Publication title -
optimal control applications and methods
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.458
H-Index - 44
eISSN - 1099-1514
pISSN - 0143-2087
DOI - 10.1002/oca.4660010103
Subject(s) - instant , order (exchange) , maximum principle , mathematical optimization , mathematics , differential (mechanical device) , computer science , mathematical economics , economics , optimal control , engineering , biology , finance , aerospace engineering , food science
This paper describes a maximum principle for distributed parameter systems, i.e. systems characterized by partial differential equations. The maximum principle is applied to solve the problem of a cattle rancher who must decide the number of cattle in different age groups to be bought and sold at each instant in order to maximize his profits.