Optimality of impulse harvesting policies

Katrin Erdlenbruch, Alain Jean-Marie (), Michel Moreaux and Mabel Tidball ()
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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, 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. Our model can admit convex and concave profit functions and allows the integration of different stock-dependent profit functions. We show that the strict concavity of the profit function is only a special case of a more general condition, related to submodularity, that ensures the existence of optimal cyclical pol- icies. We then establish a link with the discrete-time models with cyclical solutions by Benhabib and Nishimura (J Econ Theory 35:284-306, 1985) and Dawid and Kopel (J Econ Theory 76:272-297, 1997). For the steady-state solution, we explore the relation to Clark's (1976) continuous control model.

Keywords: optimal control; impulse control; renewable resource economics; submodularity (search for similar items in EconPapers)
Date: 2013-03
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Citations: View citations in EconPapers (1)

Published in Economic Theory, 2013, 52 (2), pp.429-459. ⟨10.1007/s00199-011-0650-6⟩

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Related works:
Journal Article: 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)
Working Paper: Optimality of Impulse Harvesting Policies (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00862924

DOI: 10.1007/s00199-011-0650-6

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