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

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  • Richard T. Woodward
  • Yong-Suhk Wui
  • Wade L. Griffin

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. Copyright 2005, Oxford University Press.

Suggested Citation

  • Richard T. Woodward & Yong-Suhk Wui & Wade L. Griffin, 2005. "Living with the Curse of Dimensionality: Closed-Loop Optimization in a Large-Scale Fisheries Simulation Model," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 87(1), pages 48-60.
    • Handle: RePEc:oup:ajagec:v:87:y:2005:i:1:p:48-60
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    File URL: http://hdl.handle.net/10.1111/j.0002-9092.2005.00701.x
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    Cited by:

    1. Doole, Graeme J. & Pannell, David J., 2013. "A process for the development and application of simulation models in applied economics," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 57(1), pages 1-25.
    2. Moore, Rebecca & MacPherson, Alexander J. & Provencher, Bill, 2005. "A Dynamic Principal-Agent Model of Human-Mediated Aquatic Species Invasions," Staff Papers 12684, University of Wisconsin-Madison, Department of Agricultural and Applied Economics.
    3. Iovanna, Richard & Newbold, Stephen C., 2007. "Ecological sustainability in policy assessments: A wide-angle view and a close watch," Ecological Economics, Elsevier, vol. 63(4), pages 639-648, September.

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