An Impulse Control Approach to Dike Height Optimization (Revised version of CentER DP 2011-097)
AbstractAbstract: 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 InfoPaper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 2012-079.
Date of creation: 2012
Date of revision:
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Web page: http://center.uvt.nl
Impulse Control Maximum Principle; Optimal Control; flood prevention; dikes; cost-benefit analysis;
Find related papers by JEL classification:
- C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
- D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
- H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
- Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters
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- Carel Eijgenraam, 2006. "Optimal safety standards for dike-ring areas," CPB Discussion Paper 62, CPB Netherlands Bureau for Economic Policy Analysis.
- Chahim, Mohammed & Hartl, Richard F. & Kort, Peter M., 2012. "A tutorial on the deterministic Impulse Control Maximum Principle: Necessary and sufficient optimality conditions," European Journal of Operational Research, Elsevier, vol. 219(1), pages 18-26.
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