Dynamical methods in Environmental and Resource Economics

George Halkos and George Papageorgiou

MPRA Paper from University Library of Munich, Germany

Abstract: This paper presents, in brief, the fundamentals of optimal control theory together with some notes for differential games, which is the game theoretic analogue of the optimal control. As it is recommended by literature references the main tool of analysis in open loop information structure for environmental models is the Pontryagin’s Maximum Principle, while the Hamilton–Jacobi–Bellman equation is the tool of analysis for any closed loop informational structure. As applications of the above theoretic considerations we present some environmental economic models which are solved both as optimal control problems and as differential games as well.

Keywords: Optimal control; Differential games; Renewable resources; Environmental and Resource Economics. (search for similar items in EconPapers)
JEL-codes: C61 C62 D43 H21 Q0 Q2 Q20 Q50 Q52 Q53 (search for similar items in EconPapers)
Date: 2015-10
New Economics Papers: this item is included in nep-env and nep-ore
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:67845

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