| Автор | Dechert, W. D. |
| Автор | O'Donnell, S. I. |
| Автор | Brock, W. A. |
| Дата выпуска | 2007 |
| dc.description | We present both analytical and numerical results for a model where the stochastic dynamical system is not fully known. We implement an optimal control solution for the problem that incorporates Bayes' learning of an unknown parameter in the model. The computational solution is for a model of phosphorus in a lake and we show that in that context full learning takes place. The model includes a Skiba-like point, and although the long run level of phosphorus in the lake is sensitive to initial conditions, learning is not. |
| Формат | application.pdf |
| Издатель | Taylor & Francis Group |
| Копирайт | Copyright Taylor and Francis Group, LLC |
| Тема | Bayesian learning |
| Тема | Skiba |
| Тема | Pollution |
| Тема | Stochastic dynamic programming |
| Тема | (62C10) Bayesian problem |
| Тема | (90C15) Stochastic programming |
| Тема | (93C55) Discrete-time systems |
| Тема | (90C90) Applications of mathematical programming |
| Тема | (91B76) Environmental economics (natural resource models, harvesting, pollution, etc.) |
| Название | Bayes' learning of unknown parameters |
| Тип | research-article |
| DOI | 10.1080/10236190601069168 |
| Electronic ISSN | 1563-5120 |
| Print ISSN | 1023-6198 |
| Журнал | Journal of Difference Equations and Applications |
| Том | 13 |
| Первая страница | 121 |
| Последняя страница | 133 |
| Аффилиация | Dechert, W. D.; Department of Economics, University of Wisconsin |
| Аффилиация | O'Donnell, S. I.; Baylor College of Medicine, Children's Nutrition Research Center |
| Аффилиация | Brock, W. A.; Department of Economics, University of Wisconsin |
| Выпуск | 2-3 |
| Библиографическая ссылка | Easley, D. and Kiefer, N.M. 1988. Controlling a stochastic process with unknown parameters. Econometrica, 56: 1045–1064. |
| Библиографическая ссылка | Carpenter, S.R. and Cottingham, K.L. 2002. “Resilience and the restoration of lakes”. In Resilience and the Behavior of Large-Scale Systems, Edited by: Gunderson, L.H. and Pritchard, L. Jr. Washington, DC: Island Press. |
| Библиографическая ссылка | Mäler, K.-G., Xepapadeas, A. and de Zeeuw, A. 2003. The economics of shallow lakes. Environmental and Resource Economics, 26: 105–126. |
| Библиографическая ссылка | Scheffer, M. 2000. “Ecology of shallow lakes, forthcoming”. In Economic and Ecological Modelling Edited by: Mäler, K.-G., Perrings, C. and Starrett, D. |
| Библиографическая ссылка | Brock, W.A. and Starrett, D. 2003. Managing systems with non-convex positive feedback. Environmental and Resource Economics, 26(4): 575–602. |
| Библиографическая ссылка | Ludwig, D., Carpenter, S.R. and Brock, W.A. 2003. Optimal phosphorus loading for a potentially eutrophic lake. Ecological Applications, 13(4): 1135–1152. |
| Библиографическая ссылка | Dechert, W.D. and Brock, W.A. 2000. “The lake game, University of Wisconsin. forthcoming”. In Economic and Ecological Modelling Edited by: Mäler, K.-G., Perrings, C. and Starrett, D. URL: http://www.ssc.wisc.edu/econ/archive/wp2003-24.pdf |
| Библиографическая ссылка | Peterson, G.D., Carpenter, S.R. and Brock, W.A. 2003. Uncertainty and the management of multistate ecosystems: an apparently rational route to collapse. Ecology, 84: 1403–1411. |
| Библиографическая ссылка | Wagener, F.O.O. 2003. Skiba points and heteroclinic bifurcations, with applications to the shallow lake system. Journal of Economic Dynamics and Control, 27: 1533–1561. |
| Библиографическая ссылка | Dechert, W.D. and O'Donnell, S.I. 2006. The stochastic lake game: a numerical solution. Journal of Economics Dynamics and Control, 30: 1569–1587. |
| Библиографическая ссылка | Bertsekas, D.P. 2001. Dynamic Programming and Optimal Control, 2nd ed., Belmont, MA: Athena Scientific. Vol. II |
| Библиографическая ссылка | Rust, J. 1997. Using randomization to break the curse of dimensionality. Econometrica, 65(3): 487–516. |
| Библиографическая ссылка | Skiba, A.K. 1978. Optimal growth with a convex–concave production function. Econometrica, 46: 527–540. |
| Библиографическая ссылка | Dechert, W.D. and Nishimura, K. 1983. A complete characterization of optimal growth paths in an aggregated model with a non-concave production function. Journal of Economic Theory, 19: 332–354. |
