Article (Scientific journals)
A dynamic programming approach to optimal pollution control under uncertain irreversibility: The Poisson case
Boucekkine, Raouf; Ruan, Weihua; Zou, Benteng
2023In Communications in Optimization Theory
Peer reviewed
 

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Keywords :
Multi-stage optimal control; Poisson process; HJB equations
Abstract :
[en] We solve a bimodal optimal control problem with a non-concavity and uncertainty through a Poisson process underlying the transition from a mode to another. We use a dynamic programming approach and are able to uncover the global optimal dynamics (including optimal non-monotonic paths) under a few linear-quadratic assumption, which do not get rid of the non-concavity of the problem. This is in contrast to the related literature on pollution control under irreversibility which usually explores local dynamics along monotonic solution paths to first order Pontryagin conditions.
Disciplines :
Mathematics
Author, co-author :
Boucekkine, Raouf
Ruan, Weihua
Zou, Benteng  ;  University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Department of Economics and Management (DEM)
External co-authors :
yes
Language :
English
Title :
A dynamic programming approach to optimal pollution control under uncertain irreversibility: The Poisson case
Publication date :
2023
Journal title :
Communications in Optimization Theory
Peer reviewed :
Peer reviewed
Focus Area :
Sustainable Development
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since 23 August 2022

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