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Principles of dynamic optimization in resource management

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  • Kennedy, John O. S.

Abstract

The type of resource problem amenable to static analysis is distinguished from that requiring dynamic analysis. Possibly due to the apparent complexity of optimal control theory methods, often dynamic models have not been applied where they would be appropriate. In this article dynamic programming arguments are used to derive optimality conditions directly and simply. They are derived for a renewable resource such as a fishery, but they have application to resource management in general. The approach is illustrated by examples to the extraction of a depletable resource, to feeding for weight gain, and to applying fertilizer when some fertilizer carriers over from one crop season to another. Conditions for the optimal replacement of biological units are also considered.
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  • Kennedy, John O. S., 1988. "Principles of dynamic optimization in resource management," Agricultural Economics, Blackwell, vol. 2(1), pages 57-72, June.
  • Handle: RePEc:eee:agecon:v:2:y:1988:i:1:p:57-72
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    1. Kennedy, John O.S., 1981. "Applications of Dynamic Programming to Agriculture, Forestry and Fisheries: Review and Prognosis," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 49(03), December.
    2. Jean-Paul Chavas & James Kliebenstein & Thomas D. Crenshaw, 1985. "Modeling Dynamic Agricultural Production Response: The Case of Swine Production," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 67(3), pages 636-646.
    3. Kennedy, John O.S. & Rofe, B.H. & Greig, I.D. & Hardaker, J. Brian, 1976. "Optimal Feeding Policies For Broiler Production: An Application Of Dynamic Programming," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 20(01), April.
    4. William A. Yager & R. Clyde Greer & Oscar R. Burt, 1980. "Optimal Policies for Marketing Cull Beef Cows," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 62(3), pages 456-467.
    5. Anderson, Jock R., 1967. "Economic Interpretation of Fertilizer Response Data," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 35(01), March.
    6. Solow, Robert M, 1974. "The Economics of Resources or the Resources of Economics," American Economic Review, American Economic Association, vol. 64(2), pages 1-14, May.
    7. C. F. Meyer & R. J. Newett, 1970. "Dynamic Programming for Feedlot Optimization," Management Science, INFORMS, pages 410-426.
    8. Kennedy, John O.S. & Whan, Ian F. & Jackson, R. & Dillon, John L., 1973. "Optimal Fertilizer Carryover And Crop Recycling Policies For A Tropical Grain Crop," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 17(02), August.
    9. Dorfman, Robert, 1969. "An Economic Interpretation of Optimal Control Theory," American Economic Review, American Economic Association, vol. 59(5), pages 817-831, December.
    10. Taylor, C. Robert, 1983. "Certainty Equivalence For Determination Of Optimal Fertilizer Application Rates With Carry-Over," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 8(01), July.
    11. Kennedy, John O.S., 1981. "An Alternative Method for Deriving Optimal Fertilizer Rates: Comment and Extension," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 49(03), December.
    12. Bryan E. Melton & Earl O. Heady & Richard L. Willham & M. Peter Hoffman, 1978. "The Impact of Alternative Objectives on Feedlot Rations for Beef Steers," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 60(4), pages 683-688.
    13. Burt, Oscar R., 1982. "Dynamic Programming: Has Its Day Arrived?," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 7(02), December.
    14. John J. Glen, 1980. "A Mathematical Programming Approach to Beef Feedlot Optimization," Management Science, INFORMS, pages 524-535.
    15. Kennedy, John O.S., 1986. "Rules For Optimal Fertilizer Carryover: An Alternative Explanation," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 54(02), August.
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    Cited by:

    1. Khairo, Salahadin A. & Norton, Mark R. & Garden, P. & Graham, Phil & Langford, Colin & Armstrong, P. & Brassil, T., 2009. "The impact of superphosphate and surface-applied lime on the profitability and sustainability of wool production on the tablelands of NSW," 2009 Conference (53rd), February 11-13, 2009, Cairns, Australia 47939, Australian Agricultural and Resource Economics Society.
    2. Mullen, John D. & Helyar, K.R. & Pagan, Phil, 2000. "Economic and Biological Perspectives on Off-site Effects Associated with Soil Acidification," 2000 Conference (44th), January 23-25, 2000, Sydney, Australia 123709, Australian Agricultural and Resource Economics Society.
    3. Jones, Randall E. & Cacho, Oscar J., 2000. "A Dynamic Optimisation Model of Weed Control," 2000 Conference (44th), January 23-25, 2000, Sydney, Australia 123685, Australian Agricultural and Resource Economics Society.
    4. Farquharson, Robert J. & Cacho, Oscar J. & Mullen, John D., 2005. "An economic approach to soil fertility management for wheat production in New South Wales and Queensland," 2005 Conference (49th), February 9-11, 2005, Coff's Harbour, Australia 137866, Australian Agricultural and Resource Economics Society.
    5. Bernd Lengers & Wolfgang Britz, 2012. "The choice of emission indicators in environmental policy design: an analysis of GHG abatement in different dairy farms based on a bio-economic model approach," Review of Agricultural and Environmental Studies - Revue d'Etudes en Agriculture et Environnement, INRA Department of Economics, vol. 93(2), pages 117-144.
    6. Aluwihare, Parakrama B. & Jones, Randall E. & Letcher, Rebecca A., 2005. "The farm level impacts of water sharing plans in the Namoi Valley: A stochastic dynamic programming analysis," 2005 Conference (49th), February 9-11, 2005, Coff's Harbour, Australia 137742, Australian Agricultural and Resource Economics Society.
    7. Zull, Andrew F. & Cacho, Oscar J. & Lawes, Roger A., 2009. "Optimising woody-weed control," 2009 Conference (53rd), February 11-13, 2009, Cairns, Australia 47620, Australian Agricultural and Resource Economics Society.
    8. Mullen, John D., 2001. "An Economic Persective On Land Degradation Issues," Research Reports 27999, New South Wales Department of Primary Industries Research Economists.
    9. Fisher, Brian S. & Thorpe, Sally, 1990. "Issues In Resource Management," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 34(02), August.
    10. Larson, Bruce A., 1992. "Principles of stochastic dynamic optimization in resource management: the continuous-time case," Agricultural Economics of Agricultural Economists, International Association of Agricultural Economists, vol. 7(2), July.

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