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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
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.
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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