Monitoring as a partially observable decision problem

Paul Fackler () and Robert G. Haight

Resource and Energy Economics, 2014, vol. 37, issue C, 226-241

Abstract: Monitoring is an important and costly activity in resource management problems such as containing invasive species, protecting endangered species, preventing soil erosion, and regulating contracts for environmental services. Recent studies have viewed optimal monitoring as a Partially Observable Markov Decision Process (POMDP), which provides a framework for sequential decision making under stochastic resource dynamics and uncertainty about the resource state. We present an overview of the POMDP framework and its applications to resource monitoring. We discuss the concept of the information content provided by monitoring systems and illustrate how information content affects optimal monitoring strategies. Finally, we demonstrate how the timing of monitoring in relation to resource treatment and transition can have substantial effects on optimal monitoring strategies.

Keywords: Environmental monitoring; Dynamic programming; Partial observability; Value of information; POMDP (search for similar items in EconPapers)
JEL-codes: C61 C63 Q20 Q50 (search for similar items in EconPapers)
Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:resene:v:37:y:2014:i:c:p:226-241

DOI: 10.1016/j.reseneeco.2013.12.005

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