Title :
Optimal Stockpile Problems with Stochastic Consumption Saturation and Solution Interval
Author :
Lloyd, John ; Meyer, Gerard G. L.
Author_Institution :
Electr. Eng. & Comput. Sci., Johns Hopkins Univ., Baltimore, MD, USA
Abstract :
Economic problems in the optimal management of strategic resource stockpiles can be rigorously studied and solved by formulating them as optimal control problems in continuous time. Often, the real economic systems and stockpiling scenarios of interest exhibit both stochastic features and input saturation effects. Building on work to account for saturation effects into basic optimal stockpile problems, the following paper solves a basic optimal stockpile model with a stochastic saturation limit as well as a stochastic solution interval.
Keywords :
continuous time systems; economics; optimal control; optimisation; stochastic processes; continuous time; economic problems; economic systems; input saturation effects; optimal control problems; optimal management; optimal stockpile problems; solution interval; stochastic consumption saturation; strategic resource stockpiles; Cost function; Economics; Equations; Mathematical model; Optimal control; Planning; Stochastic processes; Finance; Optimal control; Uncertain systems;
Conference_Titel :
American Control Conference (ACC), 2014
Conference_Location :
Portland, OR
Print_ISBN :
978-1-4799-3272-6
DOI :
10.1109/ACC.2014.6858652