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dc.contributor.authorSandal, Leif Kristoffer
dc.contributor.authorBerge, Gerhard
dc.date.accessioned2006-07-11T10:26:49Z
dc.date.available2006-07-11T10:26:49Z
dc.date.issued2004-02
dc.identifier.issn1500-4066
dc.identifier.urihttp://hdl.handle.net/11250/164067
dc.description.abstractDynamic optimization problems cover a great class of problems in theoretical and applied economics and technology. In this account the exploitation of a general renewable capital stock is modeled through an alternative formulation to the classical optimal control approach. We propose a very simple alternating iterative algorithm that is shown to converge very fast towards a solution, where the accuracy of the solution can also be determined. The algorithm can also produce approximate closed form (analytical) feedback solutions. By using a special simple seed in the iteration scheme we reproduce perturbation results (formulae) that are published in the last decade. Often only two or three iteration steps are necessary to produce sufficiently accurate approximations.en
dc.format.extent205092 bytes
dc.format.mimetypeapplication/pdf
dc.language.isoengen
dc.publisherNorwegian School of Economics and Business Administration. Department of Finance and Management Scienceen
dc.relation.ispartofseriesDiscussion paperen
dc.relation.ispartofseries2004:2en
dc.subjectcapital dynamics modelingen
dc.subjectnatural resource exploitationen
dc.subjectanalytical and numerical contractionen
dc.titleA method for numerical and analytical solutions to a class of nonlinear optimal control problemsen
dc.typeWorking paperen


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