Optimality of Impulse Harvesting Policies

Katrin Erdlenbruch (), Alain Jean-Marie (), Michel Moreaux and Mabel Tidball ()
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Katrin Erdlenbruch: UMR G-EAU - Gestion de l'Eau, Acteurs, Usages - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - Montpellier SupAgro - Centre international d'études supérieures en sciences agronomiques - AgroParisTech - CEMAGREF - Centre national du machinisme agricole, du génie rural, des eaux et forêts - IRD [Occitanie] - Institut de Recherche pour le Développement - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes
Alain Jean-Marie: MAESTRO - Models for the performance analysis and the control of networks - CRISAM - Centre Inria d'Université Côte d'Azur - Inria - Institut National de Recherche en Informatique et en Automatique, APR - Algorithmes et Performance des Réseaux - LIRMM - Laboratoire d'Informatique de Robotique et de Microélectronique de Montpellier - UM - Université de Montpellier - CNRS - Centre National de la Recherche Scientifique

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Abstract: We explore the link between cyclical and smooth resource exploitation. We define an impulse control framework which can generate both cyclical solutions and steady state solutions. For the cyclical solution, we establish a link with the discrete-time model by Dawid and Kopel (1997). For the steady state solution, we explore the relation to Clark's (1976) continuous control model. Our model can admit convex and concave profit functions and allows the integration of different stock dependent cost functions. We show that the strict convexity of the profit function is only a special case of a more general condition, related to submodularity, that ensures the existence of optimal cyclical policies.

Keywords: optimal control; Impulse control; renewable resource economics; Submodularity (search for similar items in EconPapers)
Date: 2010-04
Note: View the original document on HAL open archive server: https://inria.hal.science/hal-00864187v1
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Published in [Research Report] 13031, LIRMM. 2010, pp.28

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Related works:
Journal Article: Optimality of impulse harvesting policies (2013)
Working Paper: Optimality of impulse harvesting policies (2013)
Working Paper: Optimality of Impulse Harvesting Policies (2010)
Working Paper: Optimality of Impulse Harvesting Policies (2010)
Working Paper: Optimality of Impulse Harvesting Policies (2010)
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