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2015 | OriginalPaper | Buchkapitel

7. Optimal Management with Hybrid Dynamics—The Shallow Lake Problem

verfasst von : P. V. Reddy, J. M. Schumacher, J. C. Engwerda

Erschienen in: Mathematical Control Theory I

Verlag: Springer International Publishing

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Abstract

In this article we analyze an optimal management problem that arises in ecological economics using hybrid systems modeling. First, we introduce a discounted autonomous infinite horizon hybrid optimal control problem and develop few tools to analyze the necessary conditions for optimality. Next, using these tools we study the classical shallow lake problem where the nonlinear lake dynamics is described by hybrid dynamics. We show that our results agree with earlier studies on the problem, that is, variation of system parameters induce bifurcations in the optimal solution.

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Fußnoten
1
Starting from such a point the optimal control problem has more than one optimal solution, and as a result the decision-maker is indifferent to a particular solution, see [20].
 
2
There exist several variations of the theorem in a more general setting, for instance refer [16, 18, 19, 21]. Here, we consider a specific system \(\mathcal {S}\) where switchings happen internally.
 
3
Here, the candidate trajectory need not be an optimal solution, but only has to satisfy the necessary conditions.
 
4
A potential game [12] facilitates to compute Nash equilibria as an optimization problem instead of a fixed point problem.
 
5
The transversality condition \(\lim _{t\rightarrow \infty }e^{-rt}\lambda (t)=0\) is satisfied if \(\liminf _{t\rightarrow \infty }x(t)>0\), see [7].
 
6
Transversality condition allows for trajectories with a(t) going to \(\infty \).
 
7
This happens when a branch of an unstable manifold of an equilibrium point coincides with a branch of a stable manifold of a different equilibrium point.
 
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Metadaten
Titel
Optimal Management with Hybrid Dynamics—The Shallow Lake Problem
verfasst von
P. V. Reddy
J. M. Schumacher
J. C. Engwerda
Copyright-Jahr
2015
DOI
https://doi.org/10.1007/978-3-319-20988-3_7

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