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An Impulse Control Approach to Dike Height Optimization (Replaced by CentER DP 2012-079)

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Author Info

  • Chahim, M.
  • Brekelmans, R.C.M.
  • Hertog, D. den
  • Kort, P.M.

    (Tilburg University, Center for Economic Research)

Abstract

This paper determines the optimal timing of dike heightenings as well as the corresponding optimal dike heightenings to protect against floods. To derive the optimal policy we design an algorithm based on the Impulse Control Maximum Principle. In this way the paper presents one of the first real life applications of the Impulse Control Maximum Principle developed by Blaquiere. We show that the proposed Impulse Control approach performs better than Dynamic Programming with respect to computational time. This is caused by the fact that Impulse Control does not need discretization in time.

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Bibliographic Info

Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 2011-097.

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Date of creation: 2011
Date of revision:
Handle: RePEc:dgr:kubcen:2011097

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Web page: http://center.uvt.nl

Related research

Keywords: Impulse Control Maximum Principle; Optimal Control; flood prevention; dikes; cost-benefit analysis;

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References

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  1. Chahim, M. & Hartl, R.F. & Kort, P.M., 2011. "Impulse Control in Operations Research: Necessary Optimality Conditions, Sufficiency and Existence (replaced by CentER DP 2011-133)," Discussion Paper 2011-052, Tilburg University, Center for Economic Research.
  2. Kort, Peter, 1988. "Optimal Dynamic Investment Policies of a Value Maximizing Firm," Open Access publications from Tilburg University urn:nbn:nl:ui:12-154529, Tilburg University.
  3. Luhmer, Alfred, 1986. "A continuous time, deterministic, nonstationary model of economic ordering," European Journal of Operational Research, Elsevier, vol. 24(1), pages 123-135, January.
  4. Carel Eijgenraam, 2006. "Optimal safety standards for dike-ring areas," CPB Discussion Paper 62, CPB Netherlands Bureau for Economic Policy Analysis.
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Cited by:
  1. Chahim, M. & Hartl, R.F. & Kort, P.M., 2011. "The Deterministic Impulse Control Maximum Principle in Operations Research: Necessary and Sufficient Optimality Conditions (replaces CentER DP 2011-052)," Discussion Paper 2011-133, Tilburg University, Center for Economic Research.

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