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Numerical Optimisation of Multiple-Phase Systems Incorporating Transition Costs

Author

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  • Doole, Graeme J.

Abstract

Many important economic problems concern an intertemporal choice between alternate dynamical systems. One example is determining the optimal management of alternative production technologies. This significance has motivated a substantial theoretical literature generalising the necessary conditions of Optimal Control Theory to multiple-phase problems. However, gaining detailed insight into their practical management is difficult because suitable numerical solution methods are not available. This paper resolves this deficiency through the development of a flexible and efficient computational algorithm based on a set of necessary conditions derived for finite-time multiple-phase systems. Its effectiveness is demonstrated in an application to a complex crop rotation problem.

Suggested Citation

  • Doole, Graeme J., 2006. "Numerical Optimisation of Multiple-Phase Systems Incorporating Transition Costs," 2006 Conference (50th), February 8-10, 2006, Sydney, Australia 139523, Australian Agricultural and Resource Economics Society.
    • Handle: RePEc:ags:aare06:139523
    DOI: 10.22004/ag.econ.139523
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