Bioeconomic Modelling and Dynamic Programming in Energy Conservation

Bioeconomic modelling and dynamic programming are two powerful tools used in energy conservation research and policy development. When applied together, they can provide insights into the management strategies for energy resources, taking into account economic, biological, environmental, and social factors. Miranda and Fackler (2002) created a bioeconomic model in the form of a Bellman model to examine the kinetic energy dynamics in the animal’s lifespan energy reward function. In order to create an energy reward function for the combined kinetic and potential energies, this work expands on Miranda and Fackler’s (2002) work by incorporating the potential energy in dead animals. The model’s generation process involved building an energy reward function and a transitional probability. The solution process of the resulting energy reward model is further expanded using a dynamic programming-based approach. As a result, the findings of this study indicate that the animal has a capacity for energy that is likely to exist in some quantity.