Living with the Curse of Dimensionality: Closed-Loop Optimization in a Large-Scale Fisheries Simulation Model

Richard Woodward, Yong-Suhk Wui and Wade L. Griffin

American Journal of Agricultural Economics, 2005, vol. 87, issue 1, 48-60

Abstract: Facilitated by remarkable increases in computational speed, simulation models are becoming more and more complex and are being increasingly used in applied economic analysis. However, computational limitations remain a major barrier to the study of dynamically optimal policies. We study the problem of carrying out dynamic optimization in conjunction with large simulation models and propose a method for working around the computational difficulties that arise in such problems. Our methods are applied to a model of the Gulf of Mexico's red snapper fishery to study the dynamically optimal total allowable catch. Copyright 2005, Oxford University Press.

Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:87:y:2005:i:1:p:48-60

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