Brekelmans, Ruud; Den Hertog, Dick; Kort, Peter; Chahim, M. - Tilburg University, Center for Economic Research - 2012
heightenings to protect against floods. To derive the optimal policy we design an algorithm based on the Impulse Control Maximum … Principle. In this way the paper presents one of the first real life applications of the Impulse Control Maximum Principle … developed by Blaquiere. We show that the proposed Impulse Control approach performs better than Dynamic Programming with respect …