The stochastic shallow lake problem
We study the welfare function and the optimal control of the shallow lake problem with multiplicative noise. We show that the welfare function is the viscosity solution of the associated Bellman equation and we establish several properties including its asymptotic behaviour at infinity. In the presence of noise, the optimally controlled lake may have a bimodal invariant distribution and exhibit metastable transitions between oligotrophic (blue) and eutrophic (green) states.
Date:
18 June 2018, 14:00 (Monday, 9th week, Trinity 2018)
Venue:
Information Engineering, Banbury Road OX1 3PH
Venue Details:
LR7
Speaker:
Prof Michail Loulakis (National Technical University of Athens)
Organising department:
Department of Engineering Science
Host:
Professor Kostas Margellos (University of Oxford)
Part of:
Control Seminar Series
Booking required?:
Not required
Audience:
Members of the University only
Editor:
Kostas Margellos
