GENERALLY, OPTIMUM INVESTMENT POLICIES IN RELATION TO THE PROVISION OF TRANSPORT FACILITIES HAVE BEEN STUDIED USING STATIC MODELS. ALTHOUGH SUCH APPROACHES HAVE PRODUCED USEFUL EXPERIENCE OF THE NATURE OF OPTIMUM POLICIES, THEY HAVE FAILED TO PRODUCE EXPLICIT FORMS OF THE OPTIMUM INVESTMENT FUNCTION. IN THE ARTICLE A DYNAMIC FORMULATION OF THE PROBLEM IS PRESENTED AND, THROUGH THE USE OF MODERN CONTROL THEORY, A GENERAL EXPLICIT FORMULATION OF THE OPTIMUM INVESTMENT IS OBTAINED. IT IS SHOWN THAT THIS RESULT COVERS OPTIMUM INVESTMENT RULES PREVIOUSLY PROPOSED. SUFFICIENT CONDITIONS FOR OPTIMALITY ARE DERIVED FOR THE GENERAL CASE AND SUBSEQUENTLY THE CHARACTERISTICS OF OPTIMUM DYNAMIC POLICIES ARE BOTH ANALYSED AND INTERPRETED.
Samenvatting