Approximations of a Controlled Diffusion Model for Renewable Resource Exploitation

Sara Pasquali () and Wolfgang J. Runggaldier ()
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Sara Pasquali: Università degli Studi di Parma, Dipartimento di Matematica
Wolfgang J. Runggaldier: Università degli Studi di Padova, Dipartimento di Matematica Pura ed Applicata

Chapter Chapter 16 in Markov Processes and Controlled Markov Chains, 2002, pp 287-302 from Springer

Abstract: Abstract We study the problem of a renewable resource exploitation as a problem of optimal stochastic control with the renewable resource being managed for social benefit. The aim is to maximize the finite horizon total discounted utility by controlling the per capita consumption and extraction capacity. We suppose that the state is not directly observable, so we have an optimal stochastic control problem with partial observations. The exact solution is difficult to obtain, so we aim at a nearly optimal control determined via an approximation approach involving a discretization procedure in time and space.

Date: 2002
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DOI: 10.1007/978-1-4613-0265-0_16

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