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《Industrial Engineering Journal》 2012-01
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A Research on Optimal Path of Renewable Energy Price with Maximum Social Welfare

Wang Jian,Lu Zheng-nan(School of Business Administration,Jiangsu University,Zhenjiang 212013,China)  
Based on optimal control theory,a model is developed to describe the discounted consumption of renewable energy resources for the goal of maximizing the social welfare.With this model,by converting the truncated vertical line problem into a terminal node problem,the regeneration rate of renewable energy resources is obtained.Also,the effect of discount rate on the optimal price path is analyzed.It has the following findings:1) stronger renewable energy resources can withstand constantly sustained exploitation,and can ensure a non-negative reserve at a fixed end time;2) when the social discount rate is equal to the regeneration rate,the renewable energy resources keep in a constant if the optimal price path is adopted;3) when the social discount rate is twice as much as the regeneration rate,the optimal price path increases exponentially and the growth rate is equal to the regeneration rate;and 4) in the general cases,the growth of optimal price path is exponential with the difference between the optimal price path discount rate and the regeneration rate being the growth rate.
【Fund】: 教育部人文社会科学研究项目(09YJA630052);; 江苏高校哲学社会科学重点研究基地重大项目(2010-2-9);; 江苏大学研究生创新计划项目(CX09B_03XR)
【CateGory Index】: F426.2;F224
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