Optimal Resource Use Over Time with an Application to Ground Water

Oscar R. Burt
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Oscar R. Burt: University of California, Davis

Management Science, 1964, vol. 11, issue 1, 80-93

Abstract: This paper is concerned with optimal allocation over time of a single resource which is either fixed in supply or only partially renewable at a point in time. Some resources which fall in this category are mineral deposits, ground water, petroleum, wildlife, and fish. A functional equation is obtained from a dynamic programming formulation of the problem. This functional equation is used to derive approximate decision rules for resource use as a function of current supply. The results are applied to ground water storage control and tested empirically by comparison with a decision rule obtained by detailed numerical methods.

Date: 1964
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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:11:y:1964:i:1:p:80-93

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