Living with the curse of dimensionality: Closed-loop optimization in a large-scale fisheries simulation model Academic Article

abstract

• AbstractFacilitated by remarkable increases in computational speed, simulation models are becoming more and more complex and are being increasingly used in applied economic analysis. However, computational limitations remain a major barrier to the study of dynamically optimal policies. We study the problem of carrying out dynamic optimization in conjunction with large simulation models and propose a method for working around the computational difficulties that arise in such problems. Our methods are applied to a model of the Gulf of Mexico's red snapper fishery to study the dynamically optimal total allowable catch.

authors

• Woodward, Richard

published proceedings

• AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS

author list (cited authors)

• Woodward, R. T., Wui, Y. S., & Griffin, W. L.

citation count

• 5

complete list of authors

• Woodward, RT||Wui, YS||Griffin, WL

publication date

• February 2005

publisher

• Wiley  Publisher

keywords

• Dynamic Optimization
• Fisheries
• Numerical Methods
• Simulation Modeling

Digital Object Identifier (DOI)

• 10.1111/j.0002-9092.2005.00701.x

start page

• 48

end page

• 60

volume

• 87

issue

• 1

URL

• http://dx.doi.org/10.1111/j.0002-9092.2005.00701.x