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2006 Conference (50th), February 8-10, 2006, Sydney, Australia >
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http://purl.umn.edu/139523
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| Title: | Numerical Optimisation of Multiple-Phase Systems Incorporating Transition Costs |
| Authors: | Doole, Graeme J. |
| Keywords: | Crop management
multiple-phase systems
optimal control |
| JEL Codes: | C61
Q24 |
| Issue Date: | 2006 |
| Abstract: | Many important economic problems concern an intertemporal choice between alternate dynamical systems. One example is determining the optimal management of alternative production technologies. This significance has motivated a substantial theoretical literature generalising the necessary conditions of Optimal Control Theory to multiple-phase problems. However, gaining detailed insight into their practical management is difficult because suitable numerical solution methods are not available. This paper resolves this deficiency through the development of a flexible and efficient computational algorithm based on a set of necessary conditions derived for finite-time multiple-phase systems. Its effectiveness is demonstrated in an application to a complex crop rotation problem. |
| URI: | http://purl.umn.edu/139523 |
| Institution/Association: | Australian Agricultural and Resource Economics Society>2006 Conference (50th), February 8-10, Sydney, Australia |
| Total Pages: | 34 |
| Collections: | 2006 Conference (50th), February 8-10, 2006, Sydney, Australia
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| 2006_doole.pdf | | 217Kb | PDF | View/Open |
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