Dynamic stochastic optimization for sustainability and management of overconsumption

IF 3.4 2区数学 Q1 MATHEMATICS, APPLIED

Communications in Nonlinear Science and Numerical Simulation Pub Date : 2025-05-26 DOI:10.1016/j.cnsns.2025.108960

Rosella Castellano , Roy Cerqueti

引用次数: 0

Abstract

This paper deals with an intergenerational utility maximization problem for consuming a naturally exhaustible resource. In this context, we are at odds with the unfair standard procedure of applying a time-dependent factor for discounting the utility and introducing a suitable function for penalizing overconsumption. A finite-time horizon dynamic stochastic optimization problem is presented to achieve the desired target. We provide a closed-form solution to the problem which does not lead forcefully to the classical golden rule outcome of not consuming now to save the future. The theoretical findings are validated through extensive numerical experiments, with a parameter set selected based on empirical data. Such experiments highlight that optimal consumption depends strongly on the natural resource regeneration rate and the initial value of the stock.

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过度消费可持续性与管理的动态随机优化

研究自然可耗尽资源的代际效用最大化问题。在这种情况下，我们不同意不公平的标准程序，即应用与时间相关的因素来贴现效用，并引入适当的函数来惩罚过度消费。为了达到预期目标，提出了一个有限时间范围动态随机优化问题。我们为这个问题提供了一个封闭的解决方案，它不会强行导致不消费以拯救未来的经典黄金法则的结果。通过大量的数值实验验证了理论结果，并根据经验数据选择了一组参数。这些实验表明，最优消费在很大程度上取决于自然资源的再生速度和存量的初始值。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Communications in Nonlinear Science and Numerical Simulation MATHEMATICS, APPLIED-MATHEMATICS, INTERDISCIPLINARY APPLICATIONS

CiteScore

6.80

自引率

7.70%

发文量

378

审稿时长

78 days

期刊介绍： The journal publishes original research findings on experimental observation, mathematical modeling, theoretical analysis and numerical simulation, for more accurate description, better prediction or novel application, of nonlinear phenomena in science and engineering. It offers a venue for researchers to make rapid exchange of ideas and techniques in nonlinear science and complexity. The submission of manuscripts with cross-disciplinary approaches in nonlinear science and complexity is particularly encouraged. Topics of interest: Nonlinear differential or delay equations, Lie group analysis and asymptotic methods, Discontinuous systems, Fractals, Fractional calculus and dynamics, Nonlinear effects in quantum mechanics, Nonlinear stochastic processes, Experimental nonlinear science, Time-series and signal analysis, Computational methods and simulations in nonlinear science and engineering, Control of dynamical systems, Synchronization, Lyapunov analysis, High-dimensional chaos and turbulence, Chaos in Hamiltonian systems, Integrable systems and solitons, Collective behavior in many-body systems, Biological physics and networks, Nonlinear mechanical systems, Complex systems and complexity. No length limitation for contributions is set, but only concisely written manuscripts are published. Brief papers are published on the basis of Rapid Communications. Discussions of previously published papers are welcome.