Optimal management with hybrid dynamics: The shallow lake problem
Reddy,P.V. Schumacher,Hans Engwerda,Jacob
Reddy,P.V.
Schumacher,Hans
Engwerda,Jacob
Abstract
In this article we analyze an optimal management problem that arises in ecological economics using hybrid systems modeling. First, we introduce a discounted autonomous infinite horizon hybrid optimal control problem and develop few tools to analyze the necessary conditions for optimality. Next, using these tools we study the classical shallow lake problem where the nonlinear lake dynamics is described by hybrid dynamics. We show that our results agree with earlier studies on the problem, that is, variation of system parameters induce bifurcations in the optimal solution.
Description
Date
2015
Journal Title
Journal ISSN
Volume Title
Publisher
Springer International Publishing
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Keywords
SDG 8 - Decent Work and Economic Growth
Citation
Reddy, P V, Schumacher, H & Engwerda, J 2015, Optimal management with hybrid dynamics : The shallow lake problem. in M K Camlibel, A A Julius, R Pasumarthy & J M A S (eds), Mathematical Control Theory : Nonlinear and Hybrid Control Systems. vol. I, Lecture Notes in Control and Information Sciences , vol. 461, Springer International Publishing, Heidelberg, pp. 111-136. https://doi.org/10.1007/978-3-319-20988-3_7
License
info:eu-repo/semantics/closedAccess