Risk-Sensitive Policies for Sustainable Renewable Resource Allocation

Ermon, Stefano; Conrad, Jon; Gomes, Carla P.; Selman, Bart

doi:10.5591/978-1-57735-516-8/IJCAI11-325

Risk-Sensitive Policies for Sustainable Renewable Resource Allocation

Stefano Ermon, Jon Conrad, Carla P. Gomes, Bart Selman

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Proceedings of the Twenty-Second International Joint Conference on Artificial Intelligence. Pages 1942-1947.

https://doi.org/10.5591/978-1-57735-516-8/IJCAI11-325

Abstract

Markov Decision Processes arise as a natural model for many renewable resources allocation problems. In many such problems, high stakes decisions with potentially catastrophic outcomes (such as the collapse of an entire ecosystem) need to be taken by carefully balancing social, economic, and ecologic goals. We introduce a broad class of such MDP models with a risk averse attitude of the decision maker, in order to obtain policies that are more balanced with respect to the welfare of future generations. We prove that they admit a closed form solution that can be efficiently computed. We show an application of the proposed framework to the Pacific Halibut marine fishery, obtaining new and more cautious policies. Our results strengthen findings of related policies from the literature by providing new evidence that a policy based on periodic closures of the fishery should be employed, in place of the one traditionally used that harvests a constant proportion of the stock every year.

Stefano Ermon, Jon Conrad, Carla P. Gomes, and Bart Selman. 2011. Risk-Sensitive Policies for Sustainable Renewable Resource Allocation. In Proceedings of the Twenty-Second International Joint Conference on Artificial Intelligence, IJCAI-11. IJCAI, 1942–1947. https://doi.org/10.5591/978-1-57735-516-8/IJCAI11-325

@inproceedings{ijcai2011p325,
  title     = {Risk-Sensitive Policies for Sustainable Renewable Resource Allocation},
  author    = {Ermon, Stefano and Conrad, Jon and Gomes, Carla P. and Selman, Bart},
  booktitle = {Proceedings of the Twenty-Second International Joint Conference on
               Artificial Intelligence, {IJCAI-11}},
  publisher = {AAAI Press/International Joint Conferences on Artificial Intelligence},
  editor    = {Toby Walsh},
  pages     = {1942--1947},
  year      = {2011},
  month     = {7},
  doi       = {10.5591/978-1-57735-516-8/IJCAI11-325},
  url       = {https://doi.org/10.5591/978-1-57735-516-8/IJCAI11-325},
}

TY  - CPAPER
TI  - Risk-Sensitive Policies for Sustainable Renewable Resource Allocation
AU  - Ermon, Stefano
AU  - Conrad, Jon
AU  - Gomes, Carla P.
AU  - Selman, Bart
T2  - Proceedings of the Twenty-Second International Joint Conference on Artificial Intelligence, IJCAI-11
PB  - AAAI Press/International Joint Conferences on Artificial Intelligence
PY  - 2011
SP  - 1942
EP  - 1947
DO  - 10.5591/978-1-57735-516-8/IJCAI11-325
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ER  -