The control of a finite dam

Abstract

The long-run average cost per unit time of operating a finite dam controlled by a PlM policy (Faddy (1974), Zuckerman (1977)) is determined when the cumulative input process is (a) a Wiener process with drift and (b) the integral of a Markov chain. It is shown how the cost for (a) can be obtained as the limit of the costs associated with a sequence of input processes of the type (b).

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