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Two-Stage Output Procedure of a Finite Dam
Journal of Applied Probability
Vol. 14, No. 2 (Jun., 1977), pp. 421-425
Published by: Applied Probability Trust
Stable URL: http://www.jstor.org/stable/3213017
Page Count: 5
You can always find the topics here!Topics: Dams, Average cost, Cost efficiency, Optimal policy, Natural reservoirs, Long run average total cost, Minimization of cost, Total costs, Stochastic processes
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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.
Journal of Applied Probability © 1977 Applied Probability Trust