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

William Brock, Anastasios Xepapadeas and Athanasios Yannacopoulos

No 1402, DEOS Working Papers from Athens University of Economics and Business

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: 2014-02-16
New Economics Papers: this item is included in nep-env
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Citations: View citations in EconPapers (26)

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Journal Article: Optimal Control in Space and Time and the Management of Environmental Resources (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:aue:wpaper:1402

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