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

William Brock, Anastasios Xepapadeas and A.N. Yannacopoulos ()
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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
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