Living with the Curse of Dimensionality: Closed-Loop Optimization in a Large-Scale Fisheries Simulation Model
Posted: 15 Dec 2005
Facilitated 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.
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