Open AccessOPTIMAL CONTROL THEORY APPLIED TO JOINT PRODUCTION OF TIMBER AND FORAGE
Author(s) -
Steinkamp Eric A.,
Betters David R.
Publication year - 1991
Publication title -
natural resource modeling
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.28
H-Index - 32
eISSN - 1939-7445
pISSN - 0890-8575
DOI - 10.1111/j.1939-7445.1991.tb00237.x
Subject(s) - joint (building) , forage , production (economics) , optimal control , production theory , mathematical optimization , control (management) , renewable resource , computer science , renewable energy , mathematics , economics , microeconomics , ecology , engineering , artificial intelligence , biology , architectural engineering
Renewable natural resource systems often represent examples of joint production. Optimal control theory is employed using the linear variational method to derive the general solution to the timber‐forage joint production problem, with the objective of maximizing present value of revenue. The results indicate that optimal control theory can successfully solve such problems. The functional forms of the solution provide insight into how changes in parameters will influence the optimal joint production system.