| Abstract: | Assume that a dam has a capacity V. Its water input I={It, t ? 0, ∞)}], is assumed to be a diffusion process. The water is released at one of two rates 0 and M units of water per unit of time. The release rate is 0 until the water reaches level λ(0 < λ < V), when the water is released at rate M until it reaches level λ, (0 ≤ τ < λ). Once the level λ is reached, the release rate remains at zero until level λ is reached again, and the cycle is repeated. Under general cost structure, we discuss and review some of the most recent work in the area of optimal control of dams with release policies of the above type; we also discuss some new results and corrections to some existing results. |
