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Principles of dynamic optimization in resource management

Listed author(s):
  • Kennedy, John O. S.

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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Article provided by Blackwell in its journal Agricultural Economics.

Volume (Year): 2 (1988)
Issue (Month): 1 (June)
Pages: 57-72

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Handle: RePEc:eee:agecon:v:2:y:1988:i:1:p:57-72
Contact details of provider: Web page: http://www.blackwell-synergy.com/loi/agec

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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, vol. 16(6), pages 410-426, February.
  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, vol. 26(5), pages 524-535, May.
  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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