Abstract: This paper considers a firm that has the option to undertake product innovations. For each product innovation the firm has to install a new production plant. We find that investments are larger and occur in a later stadium when more of the old capital stock needs to be scrapped....

Abstract: This paper determines the optimal timing of dike heightenings as well as the corresponding optimal dike 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...

This paper considers a class of optimal control problems that allows jumps in the state variable. We present the necessary optimality conditions of the Impulse Control Maximum Principle based on the current value formulation. By reviewing the existing impulse control models in the literature, we...

In this paper the strategic transport policy assessment instrument HIGH-TOOL is presented. The model has been developed for the European Commission, allowing policy-makers to identify the most advantageous transport policies and to strategically evaluate the impacts of transport policies on...

In this paper the strategic transport policy assessment instrument HIGH-TOOL is presented. The model has been developed for the European Commission, allowing policy-makers to identify the most advantageous transport policies and to strategically evaluate the impacts of transport policies on...

The contribution of this paper is threefold. First, this thesis extends the existing theory on Impulse Control by deriving the necessary optimality conditions in current value formulation and provide a transformation such that the Impulse Control Maximum Principle can be applied to problems...