DYNAMIC RESOURCE AND AGRICULTURAL ECONOMICS USING STOCHASTIC OPTIMAL CONTROL: AN INTRODUCTION

Bruce A. Larson

No 270727, 1990 Annual meeting, August 5-8, Vancouver, Canada from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: This paper analyzes the optimwn control of stochastic processes. An investment model is used to introduce stochastic differential equations, interpret Ito's lemma, and derive Bellman's equation. An economic model of soil conservation where erosion is a stochastic process is then used to derive and interpret the stochastic maximum principle.

Keywords: Agricultural and Food Policy; Research Methods/Statistical Methods; Resource/Energy Economics and Policy (search for similar items in EconPapers)
Pages: 24
Date: 1990-08-05
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea90:270727

DOI: 10.22004/ag.econ.270727

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