Optimal Stockpile Problems with Stochastic Consumption Saturation and Solution Interval

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.