OPTIMAL EXPLOITATION OF RENEWABLE RESOURCES BY THE VISCOSITY SOLUTION METHOD

2002 ◽  
Vol 20 (5) ◽  
pp. 927-946 ◽  
Author(s):  
Hiroaki Morimoto ◽  
Kazuhito Kawaguchi
Keyword(s):  
Viscosity Solution ◽  
Renewable Resources ◽  
Solution Method ◽  
Optimal Exploitation

scholarly journals A viscosity solution method for the spreading speed formula in slowly varying media

2011 ◽  
Vol 60 (4) ◽  
pp. 1229-1248 ◽  
Author(s):  
Francois Hamel ◽  
Gregoire Nadin ◽  
Lionel Roques
Keyword(s):  
Viscosity Solution ◽  
Solution Method ◽  
Spreading Speed

scholarly journals Optimal Consumption in a Stochastic Ramsey Model with Cobb-Douglas Production Function

2013 ◽  
Vol 2013 ◽  
pp. 1-8 ◽  
Author(s):  
Md. Azizul Baten ◽  
Anton Abdulbasah Kamil
Keyword(s):  
Production Function ◽  
Viscosity Solution ◽  
Solution Method ◽  
Hjb Equation ◽  
Optimal Consumption ◽  
Ramsey Model ◽  
Discounted Utility ◽  
Hamilton Jacobi Bellman Equation ◽  
Hamilton Jacobi Bellman ◽  
Douglas Production Function

A stochastic Ramsey model is studied with the Cobb-Douglas production function maximizing the expected discounted utility of consumption. We transformed the Hamilton-Jacobi-Bellman (HJB) equation associated with the stochastic Ramsey model so as to transform the dimension of the state space by changing the variables. By the viscosity solution method, we established the existence of viscosity solution of the transformed Hamilton-Jacobi-Bellman equation associated with this model. Finally, the optimal consumption policy is derived from the optimality conditions in the HJB equation.

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