EconPapers    
Economics at your fingertips  
 

Optimal Control in Space and Time and the Management of Environmental Resources

William Brock, Anastasios Xepapadeas () and A.N. Yannacopoulos ()
Additional contact information
A.N. Yannacopoulos: Department of Statistics, Athens University of Economics and Business, Athens 104 34, Greece

Annual Review of Resource Economics, 2014, vol. 6, issue 1, 33-68

Abstract: We present methods and tools that can be used to study dynamic environmental resource management in a spatial setting, to explore spatially dependent regulation, and to understand pattern formation. In particular, we present the maximum principle and its use in the context of the emerging frontier of applications of optimal control of diffusive transport processes to environmental and resource economics. We show how optimal spatiotemporal control induces pattern formation and how deep uncertainty with a spatial structure can be handled with spatial robust control methods. Finally, we show how models with diffusive transport can be extended to allow for long-range effects and more general transport mechanisms.

Keywords: diffusion; optimal control; pattern formation; robust control; hot spots; spatial externalities (search for similar items in EconPapers)
Date: 2014
References: Add references at CitEc
Citations View citations in EconPapers (4) Track citations by RSS feed

Downloads: (external link)
http://www.annualreviews.org/doi/abs/10.1146/annurev-resource-100913-012411 (application/pdf)
Full text downloads are only available to subscribers. Visit the abstract page for more information.

Related works:
Working Paper: Optimal Control in Space and Time and the Management of Environmental Resources (2014) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:anr:reseco:v:6:y:2014:p:33-68

Ordering information: This journal article can be ordered from
http://www.annualreviews.org/action/ecommerce

Access Statistics for this article

More articles in Annual Review of Resource Economics from Annual Reviews Annual Reviews 4139 El Camino Way Palo Alto, CA 94306, USA.
Series data maintained by http://www.annualreviews.org ().

 
Page updated 2017-08-08
Handle: RePEc:anr:reseco:v:6:y:2014:p:33-68