Title :
Necessary optimality conditions for fractional bioeconomic systems
Author :
Filatova, Daria V. ; Grzywaczewski, Marek
Author_Institution :
Anal. Centre, Russian Acad. of Sci., Moscow
Abstract :
We consider the task of bioeconomic optimal control. The biomass dynamics is given by fractional stochastic differential equation. The discounted multiplicative production function describes net revenue and takes into account elasticity coefficients. Stochastic control problem is converting to non-random one. Necessary optimality conditions with respect to fractional terms are formulated as theorems and present the main result of this paper.
Keywords :
differential equations; economics; optimal control; stochastic systems; bioeconomic optimal control; biomass dynamics; discounted multiplicative production function; elasticity coefficients; fractional bioeconomic systems; fractional stochastic differential equation; net revenue; optimality conditions; stochastic control problem; Biological system modeling; Biomass; Differential equations; Ecosystems; Elasticity; Environmental economics; Optimal control; Production; Region 8; Stochastic processes; bioeconomic; fractional stochastic differential equation; optimal control;
Conference_Titel :
Human System Interactions, 2008 Conference on
Conference_Location :
Krakow
Print_ISBN :
978-1-4244-1542-7
Electronic_ISBN :
978-1-4244-1543-4
DOI :
10.1109/HSI.2008.4581574
