Infinite-horizon dynamic programming and application to management of economies effected by random natural hazards

Kryazhimskiy, A.V., Obersteiner, M. ORCID: https://orcid.org/0000-0001-6981-2769, & Smirnov, A. ORCID: https://orcid.org/0000-0003-1765-0782 (2008). Infinite-horizon dynamic programming and application to management of economies effected by random natural hazards. Applied Mathematics and Computation 204 (2) 609-620. 10.1016/j.amc.2008.05.042.

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Abstract

We describe a version of the dynamic programming method, applicable to infinite-horizon discrete-time stochastic processes, and use this technique to solve a stylized problem of management of an economy effected by random natural hazards. Also, we characterize the equilibrium points in a game, in which two economies invest in common prevention measures to mitigate the future impact of natural hazards.

Item Type:	Article
Research Programs:	Dynamic Systems (DYN) Forestry (FOR)
Bibliographic Reference:	Applied Mathematics and Computation; 204(2):609-620 (15 October 2008) (Published online 15 May 2008)
Depositing User:	IIASA Import
Date Deposited:	15 Jan 2016 08:41
Last Modified:	27 Aug 2021 17:20
URI:	https://pure.iiasa.ac.at/8604

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