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North Sea fisheries are managed by the European Union (EU) through a system of annual quota. Due to uncertainty about future fish stocks, yearly revisions of these policies lead to fluctuation in quota, which in turn affects harvest and investment decisions of fishermen. Determination of quota requires high management costs in terms of obtaining information and negotiations between experts and policy makers. To reduce both quota fluctuation and management costs, the EU has proposed a system of multiannual quota. In this paper we study the effect of multiannual quota on quota volatility and resource rents, while accounting for management costs. We develop a bi-level stochastic dynamic programming model, where at level one, the EU determines the quota that maximizes resource rents. At level two, fishermen decide myopically on their harvest and investment levels, subject to the quota. Results show that policy makers can reduce quota volatility and improve resource rents from the fishery with multiannual quota. Important trade-offs are involved in the accomplishment of these objectives: fish stock and investments become more volatile, which leads to more overcapacity.

North Sea fisheries are managed by the European Union (EU) through a system of annual quota. Due to uncertainty about future fish stocks, yearly revisions of these policies lead to fluctuation in quota, which in turn affects harvest and investment decisions of fishermen. Determination of quota requires high management costs in terms of obtaining information and negotiations between experts and policy makers. To reduce both quota fluctuation and management costs, the EU has proposed a system of multiannual quota. In this paper we study the effect of multiannual quota on quota volatility and resource rents, while accounting for management costs. We develop a bi-level stochastic dynamic programming model, where at level one, the EU determines the quota that maximizes resource rents. At level two, fishermen decide myopically on their harvest and investment levels, subject to the quota. Results show that policy makers can reduce quota volatility and improve resource rents from the fishery with multiannual quota. Important trade-offs are involved in the accomplishment of these objectives: fish stock and investments become more volatile, which leads to more overcapacity.

Saving energy in greenhouses is an important issue for growers. Here, we present a method to minimize the total energy that is required to heat and cool a greenhouse. Using this method, the grower can define bounds for temperature, humidity, CO2 concentration, and the maximum amount of CO2 available. Given these settings, optimal control techniques can be used to minimize energy input. To do this, an existing greenhouse climate model for temperature and humidity was expanded to include a CO2 balance. Heating, cooling, the amount of natural ventilation, and the injection of industrial CO2 were used as control variables.Standard optimization settings were defined in order to compare the grower's strategy with the optimal solution. This optimization resulted in a theoretical 47% reduction in heating, 15% reduction in cooling, and 10% reduction in CO2 injection for the year 2012. The optimal control does not need to maintain a minimum pipe temperature, in contrast to current practice. When the minimum pipe temperature strategy of the grower was implemented, heating and CO2 were reduced by 28% and 10% respectively.We also analyzed the effect of different bounds on optimal energy input. We found that as more freedom is given to the climate variables, the higher the potential energy savings. However, in practice the grower is in charge of defining the bounds. Thus, the potential energy savings critically depend on the choice of these bounds. This effect was analyzed by varying the bounds. However, because the effect can be demonstrated to the grower, the outcome has value to the grower with respect to decision making, an option that is not currently available in practice today.

Saving energy in greenhouses is an important issue for growers. Here, we present a method to minimize the total energy that is required to heat and cool a greenhouse. Using this method, the grower can define bounds for temperature, humidity, CO2 concentration, and the maximum amount of CO2 available. Given these settings, optimal control techniques can be used to minimize energy input. To do this, an existing greenhouse climate model for temperature and humidity was expanded to include a CO2 balance. Heating, cooling, the amount of natural ventilation, and the injection of industrial CO2 were used as control variables.Standard optimization settings were defined in order to compare the grower's strategy with the optimal solution. This optimization resulted in a theoretical 47% reduction in heating, 15% reduction in cooling, and 10% reduction in CO2 injection for the year 2012. The optimal control does not need to maintain a minimum pipe temperature, in contrast to current practice. When the minimum pipe temperature strategy of the grower was implemented, heating and CO2 were reduced by 28% and 10% respectively.We also analyzed the effect of different bounds on optimal energy input. We found that as more freedom is given to the climate variables, the higher the potential energy savings. However, in practice the grower is in charge of defining the bounds. Thus, the potential energy savings critically depend on the choice of these bounds. This effect was analyzed by varying the bounds. However, because the effect can be demonstrated to the grower, the outcome has value to the grower with respect to decision making, an option that is not currently available in practice today.