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Environmental management: analytical approximate solutions to the problem of detecting optimal random audit schemes

Author

Listed:
  • Paola Ferretti

    (University of Venice)

Abstract

In the contest of environmental management, the problem of minimizing the expected cost due to random checking processes and a possible failure is here addressed. Non-homogeneous Poisson checking processes with continuous non-decreasing intensity are considered, leading to the explicit detection of the sub-optimal solution for exponential or uniform failure density functions. The dynamic of the optimal solution is then analized using the phase-diagram tool.

Suggested Citation

  • Paola Ferretti, 2004. "Environmental management: analytical approximate solutions to the problem of detecting optimal random audit schemes," Game Theory and Information 0411010, EconWPA.
  • Handle: RePEc:wpa:wuwpga:0411010
    Note: Type of Document - pdf; pages: 13
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/game/papers/0411/0411010.pdf
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    More about this item

    Keywords

    Environmental management; audit scheme; random inspections; non-homogeneous Poisson checking process; optimal control; exponential failure density function; uniform failure density function.;

    JEL classification:

    • Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation

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