Optimal harvesting of a regime-switching stochastic growing renewable resource: A Utility Theory Approach

Jules Sadefo-Kamdem
Additional contact information
Jules Sadefo-Kamdem: MRE - Montpellier Recherche en Economie - UM - Université de Montpellier
Authors registered in the RePEc Author Service: Jules SADEFO KAMDEM

Post-Print from HAL

Abstract: In this paper, following Smith (1978) and Ludwig (1979), we examine the optimal rate of extraction from a stochastically regime-switching growing resource stock (typically to maximize the expected flow of utility from net revenue). Assuming a continuous-time stochastic regime switching for the biomass Gilpin-Ayala growth function, and CRRA utility function for firms preferences, we find the optimal extraction rate that maximizes the expected integral of the utility function of net revenue of firms.

Date: 2019-05-22
References: Add references at CitEc
Citations:

Published in 2019 World Conference on Natural Resource Modelling, HEC Montréal, May 2019, Montréal, Canada

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Working Paper: Optimal harvesting of a regime-switching stochastic growing renewable resource: a utility theory approach (2019)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02938057

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().