Two-stage output procedure of a finite dam
- 1 June 1977
- journal article
- Published by Cambridge University Press (CUP) in Journal of Applied Probability
- Vol. 14 (2), 421-425
- https://doi.org/10.2307/3213017
Abstract
The input of water into a finite dam is a Wiener process with positive drift. Water may be released at either of two possible rates 0 or M. At any time the output rate can be increased from 0 to M with cost KM, (K ≧ 0), or decreased from M to 0 with zero cost. There is a reward of A monetary units for each unit of output, (A > 0). We will consider the problem of specifying an optimal control output policy under the following optimal criteria: (a)Minimum total long-run average cost per unit time. (b)Minimum expected total discounted cost.Keywords
This publication has 5 references indexed in Scilit:
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- A Stopped Brownian Motion FormulaThe Annals of Probability, 1975
- Optimal control of finite dams: discrete (2-stage) output procedureJournal of Applied Probability, 1974
- Optimal control of finite dams: discrete (2-stage) output procedureJournal of Applied Probability, 1974