Optimal Resource Use Over Time with an Application to Ground Water
This paper is concerned with optimal allocation over time of a single resource which is either fixed in supply or only partially renewable at a point in time. Some resources which fall in this category are mineral deposits, ground water, petroleum, wildlife, and fish. A functional equation is obtained from a dynamic programming formulation of the problem. This functional equation is used to derive approximate decision rules for resource use as a function of current supply. The results are applied to ground water storage control and tested empirically by comparison with a decision rule obtained by detailed numerical methods.
Year of publication: |
1964
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Authors: | Burt, Oscar R. |
Published in: |
Management Science. - Institute for Operations Research and the Management Sciences - INFORMS, ISSN 0025-1909. - Vol. 11.1964, 1, p. 80-93
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Publisher: |
Institute for Operations Research and the Management Sciences - INFORMS |
Saved in:
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