Living with the Curse of Dimensionality: Closed-Loop Optimization in a Large-Scale Fisheries Simulation Model

Posted: 15 Dec 2005

See all articles by Richard T. Woodward

Richard T. Woodward

Texas A&M University - Department of Agricultural Economics

Yong-Suhk Wui

University of Arkansas at Pine Bluff - Department of Business Administration and Economics

Wade L. Griffin

Texas A&M University - Department of Agricultural Economics

Abstract

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.

Suggested Citation

Woodward, Richard T. and Wui, Yong-Suhk and Griffin, Wade L., Living with the Curse of Dimensionality: Closed-Loop Optimization in a Large-Scale Fisheries Simulation Model. American Journal of Agricultural Economics, Vol. 87, No. 1, pp. 48-60, February 2005. Available at SSRN: https://ssrn.com/abstract=856468 or http://dx.doi.org/10.1111/j.0002-9092.2005.00701.x

Richard T. Woodward (Contact Author)

Texas A&M University - Department of Agricultural Economics ( email )

College Station, TX 77843-4218
United States
(409) 845-5864 (Phone)

Yong-Suhk Wui

University of Arkansas at Pine Bluff - Department of Business Administration and Economics

1200 N. University Drive
Pine Bluff, AK 71601
United States

Wade L. Griffin

Texas A&M University - Department of Agricultural Economics ( email )

College Station, TX 77843
United States
1 979 845-4291 (Phone)

HOME PAGE: http://www.tamu.edu/

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