Optimal Resource Use Over Time with an Application to Ground Water

摘要: This paper is concerned with optimal allocation over time of a single resource which either fixed in supply or only partially renewable at point time. Some resources fall this category are mineral deposits, ground water, petroleum, wildlife, and fish. A functional equation obtained from dynamic programming formulation the problem. used to derive approximate decision rules for use as function current supply. The results applied water storage control tested empirically by comparison rule detailed numerical methods.