Giorgia Rosalia Buccelli
Sustainable resource management through stochastic optimal control: A framework for balancing present and future consumption of exhaustible resources.
Rel. Barbara Trivellato. Politecnico di Torino, Corso di laurea magistrale in Ingegneria Matematica, 2025
Abstract
The availability of natural resources depends on their nature. Renewable ones are accessible to both current and future generations, unlike non-renewable ones. Oil, coal and natural gas are an example of these exhaustible resources, with limited availability on our planet. When these resources are consumed, their availability decreases, causing poverty, inequality, and conflict. Thus, policymakers, in particu lar at the supranational level, have the task of promoting sustainable consumption practices that ensure equity between generations. To ensure well-being between gen erations and long-term sustainability of these resources, overconsumption of them must be penalized. With these premises, the decision maker must solve the problem of maximizing intergenerational utility.
It requires the introduction of a variable t representing the generations, the definition of a utility function associated with the consumption of resources at time t and, finally, the maximization of the ag gregate utility functions of the different generations, where consumption represents the variable of problem control
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