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Economically-efficient port expansion strategies: An optimal control approach

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  • Dekker, Sander
  • Verhaeghe, Robert
  • Wiegmans, Bart
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    Abstract

    This paper proposes an analytical model with a control approach to obtain an optimal port expansion strategy by balancing investment costs for the port and congestion costs for its users. Starting point is the optimality condition that marginal investment costs should balance marginal benefits. Particularly the scale effect in investment costs is considered; the consequence that the investment will be made in different stages is included in the solution. By relaxing some assumptions in the model, a numerical optimization algorithm is proposed which is applied to show how the approach can be used to deal with a practical expansion problem.

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    File URL: http://www.sciencedirect.com/science/article/pii/S1366554510001043
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    Bibliographic Info

    Article provided by Elsevier in its journal Transportation Research Part E: Logistics and Transportation Review.

    Volume (Year): 47 (2011)
    Issue (Month): 2 (March)
    Pages: 204-215

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    Handle: RePEc:eee:transe:v:47:y:2011:i:2:p:204-215

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    Web page: http://www.elsevier.com/wps/find/journaldescription.cws_home/600244/description#description

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    Related research

    Keywords: Port expansion Optimal control Economic efficiency Cost-benefit analysis;

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