Scandinavian Working Papers in Economics
Memorandum,
Oslo University, Department of Economics
No 08/2016: Optimal control theory with applications to resource and environmental economics
Michael Hoel ()
Additional contact information
Michael Hoel: Dept. of Economics, University of Oslo, Postal: Department of Economics, University of Oslo, P.O Box 1095 Blindern, N-0317 Oslo, Norway
Abstract: This note gives a brief, non-rigorous sketch of basic optimal control theory, which is a useful tool in several simple economic problems,such as those in resource and environmental economics. While the mathematical analysis in the note is self-contained, there is not much explanation and intuition on the economic issues. The note should therefore be read together with articles or books that give more discussion of the economics of the problems considered.
Keywords: optimal control theory; exhaustible Resources; renewable Resources; climate change; water management
18 pages, August 23, 2016
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memo-08-2016.pdf
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