TY - JOUR
T1 - The mitra-wan forestry model
T2 - A discrete-time optimal control problem
AU - Laura-Guarachi, Leonardo R.
AU - Hernández-Lerma, Onésimo
N1 - Publisher Copyright:
© 2015 Wiley Periodicals, Inc.
PY - 2015/5/1
Y1 - 2015/5/1
N2 - In this paper, we present some new properties of the Mitra-Wan forestry model written as a discrete-time optimal control problem. For this problem, the set of stationary states is characterized. For the optimal long-run management, we consider the following optimality criteria: average optimality, good control policies, bias optimality, and overtaking optimality. We establish relationships between these criteria and show that the value of average optimal policies is constant and equals the value in the optimal stationary state.
AB - In this paper, we present some new properties of the Mitra-Wan forestry model written as a discrete-time optimal control problem. For this problem, the set of stationary states is characterized. For the optimal long-run management, we consider the following optimality criteria: average optimality, good control policies, bias optimality, and overtaking optimality. We establish relationships between these criteria and show that the value of average optimal policies is constant and equals the value in the optimal stationary state.
KW - Average optimality
KW - Bias optimality
KW - Discrete-time systems
KW - Infinite horizon
KW - Overtaking optimality
UR - http://www.scopus.com/inward/record.url?scp=84929605620&partnerID=8YFLogxK
U2 - 10.1111/nrm.12061
DO - 10.1111/nrm.12061
M3 - Artículo
SN - 0890-8575
VL - 28
SP - 152
EP - 168
JO - Natural Resource Modeling
JF - Natural Resource Modeling
IS - 2
ER -