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An Impulse Control Approach to Dike Height Optimization (Revised version of CentER DP 2011-097)

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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

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 2012-079.

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Date of creation: 2012
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Handle: RePEc:dgr:kubcen:2012079

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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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  1. Carel Eijgenraam, 2006. "Optimal safety standards for dike-ring areas," CPB Discussion Paper 62, CPB Netherlands Bureau for Economic Policy Analysis.
  2. 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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