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Optimal Resource Use Over Time with an Application to Ground Water

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  • Oscar R. Burt

    (University of California, Davis)

Abstract

This paper is concerned with optimal allocation over time of a single resource which is either fixed in supply or only partially renewable at a point in time. Some resources which fall in this category are mineral deposits, ground water, petroleum, wildlife, and fish. A functional equation is obtained from a dynamic programming formulation of the problem. This functional equation is used to derive approximate decision rules for resource use as a function of current supply. The results are applied to ground water storage control and tested empirically by comparison with a decision rule obtained by detailed numerical methods.

Suggested Citation

  • Oscar R. Burt, 1964. "Optimal Resource Use Over Time with an Application to Ground Water," Management Science, INFORMS, vol. 11(1), pages 80-93, September.
  • Handle: RePEc:inm:ormnsc:v:11:y:1964:i:1:p:80-93
    DOI: 10.1287/mnsc.11.1.80
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    File URL: http://dx.doi.org/10.1287/mnsc.11.1.80
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