Control of Dams Using Policies When the Input Process Is a Nonnegative Lévy Process

Mohamed Abdel-Hameed

International Journal of Stochastic Analysis, 2011, vol. 2011, 1-17

Abstract:

We consider policy of a dam in which the water input is an increasing Lévy process. The release rate of the water is changed from 0 to and from to 0 at the moments when the water level upcrosses level and downcrosses level , respectively. We determine the potential of the dam content and compute the total discounted as well as the long-run average cost. We also find the stationary distribution of the dam content. Our results extend the results in the literature when the water input is assumed to be a Poisson process.

Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:hin:jnijsa:916952

DOI: 10.1155/2011/916952

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