The Infinitesimal, the Deterministic, and the Probabilistic: Alternate Container Inspection Policies in Invasive Species Management

21 Pages Posted: 12 Jan 2006

See all articles by Amitrajeet A. Batabyal

Amitrajeet A. Batabyal

Rochester Institute of Technology (RIT) - Department of Economics

Dug Man Lee

Konkuk University

Multiple version iconThere are 2 versions of this paper

Date Written: January 2006

Abstract

Recently, Batabyal and Nijkamp (2005) have shown that in an inspection cycle, regardless of whether the inspection policy choice is made on the basis of an optimization exercise or on the basis of a rule of thumb, the "container policy" dominates the "temporal policy" because the container policy results in lower long run expected net cost (LRENC) from inspections. In this paper, we continue this line of inquiry and analyze container policies in three scenarios. In the first scenario the time taken to conduct inspections is negligible. In the second scenario, this inspection time is deterministic and in the third scenario this inspection time is stochastic. Specifically, we compare and contrast the LRENC and the optimal container policy in each of these three scenarios.

Keywords: Biological Invasion, Inspection Policy, Renewal-Reward Process, Uncertainty

JEL Classification: Q58, L51

Suggested Citation

Batabyal, Amitrajeet A. and Lee, Dug Man, The Infinitesimal, the Deterministic, and the Probabilistic: Alternate Container Inspection Policies in Invasive Species Management (January 2006). Available at SSRN: https://ssrn.com/abstract=874813 or http://dx.doi.org/10.2139/ssrn.874813

Amitrajeet A. Batabyal (Contact Author)

Rochester Institute of Technology (RIT) - Department of Economics ( email )

92 Lomb Memorial Drive
Rochester, NY 14623-5604
United States
585-475-2805 (Phone)
585-475-5777 (Fax)

HOME PAGE: http://people.rit.edu/aabgsh

Dug Man Lee

Konkuk University ( email )

380-701 Chungju
Korea

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