A Practical Algorithm for Multiple-Phase Control Systems in Agricultural and Natural Resource Economics

Graeme Doole

Journal of Agricultural and Resource Economics, 2009, vol. 34, issue 01, 21

Abstract: Many important problems in agricultural and natural resource economics concern an intertemporal choice between alternate dynamic systems. This significance has motivated a theoretical literature generalizing the necessary conditions of Optimal Control Theory to multiple-phase problems. However, gaining detailed insight into their practical management is difficult because general numerical solution methods are not available. This paper resolves this deficiency through the development of a flexible and efficient computational algorithm based on a set of necessary conditions derived for finite-time, multiple-phase systems. Its effectiveness is demonstrated in an application to a nontrivial crop rotation problem.

Keywords: Crop Production/Industries; Resource/Energy Economics and Policy (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:jlaare:50082

DOI: 10.22004/ag.econ.50082

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