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- Title
OPTIMAL RESOURCE USE OVER TIME WITH AN APPLICATION TO GROUND WATER.
- Authors
Burt, Oscar R.
- 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.
- Subjects
RESOURCE allocation; OIL consumption; GROUNDWATER; DYNAMIC programming; PETROLEUM; MINES &; mineral resources; MATHEMATICAL optimization; LINEAR programming; RESOURCE management; MINERAL industries; NONLINEAR programming; DECISION making
- Publication
Management Science, 1964, Vol 11, Issue 1, p80
- ISSN
0025-1909
- Publication type
Article
- DOI
10.1287/mnsc.11.1.80