Open AccessA SIMPLIFIED FEEDBACK APPROACH TO OPTIMAL RESOURCE MANAGEMENT
Author(s) -
SANDAL LEIF K.,
STEINSHAMN STEIN I.
Publication year - 2001
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.1939-7445.2001.tb00065.x
Subject(s) - stock (firearms) , feedback control , bellman equation , computer science , optimal control , function (biology) , fisheries management , operations research , economics , mathematical optimization , fishery , mathematical economics , mathematics , engineering , mechanical engineering , fishing , control engineering , evolutionary biology , biology
. Optimal exploitation of a renewable capital stock is derived as a feedback rule for a general dynamic optimization problem with a single resource. By a feedback rule is meant that optimal exploitation is given as an explicit function of the capital stock. The value of the simplified approach will be appreciated by all who have tried to determine the separatrix solution numerically and experienced problems. The method described here can be applied to fisheries management, animal stock conservation and conservation of the environment in general. The operationality of the method outlined here is illustrated by two simple examples, one related to fisheries management and one related to pollution control.