Optimality of Impulse Harvesting Policies
AbstractWe 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by HAL in its series Working Papers with number hal-00864187.
Date of creation: Apr 2010
Date of revision:
Note: View the original document on HAL open archive server: http://hal.inria.fr/hal-00864187
Contact details of provider:
Web page: http://hal.archives-ouvertes.fr/
Other versions of this item:
- Erdlenbruch, Katrin & Jean-Marie, Alain & Moreaux, Michel & Tidball, Mabel, 2010. "Optimality of Impulse Harvesting Policies," IDEI Working Papers 603, Institut d'Économie Industrielle (IDEI), Toulouse.
- Erdlenbruch, Katrin & Jean-Marie, Alain & Moreaux, Michel & Tidball, Mabel, 2010. "Optimality of Impulse Harvesting Policies," TSE Working Papers 09-150, Toulouse School of Economics (TSE).
- Katrin Erdlenbruch & Alain Jean-Marie & Michel MOREAUX & Mabel Tidball, 2010. "Optimality of Impulse Harvesting Policies," LERNA Working Papers 10.09.315, LERNA, University of Toulouse.
- C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
- Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Dawid, Herbert & Kopel, Michael, 1997. "On the Economically Optimal Exploitation of a Renewable Resource: The Case of a Convex Environment and a Convex Return Function," Journal of Economic Theory, Elsevier, vol. 76(2), pages 272-297, October.
- Nishimura, Kazuo, 1985. "Competitive equilibrium cycles," Journal of Economic Theory, Elsevier, vol. 35(2), pages 284-306, August.
- Wirl Franz, 1995. "The Cyclical Exploitation of Renewable Resource Stocks May Be Optimal," Journal of Environmental Economics and Management, Elsevier, vol. 29(2), pages 252-261, September.
- Kort, P.M. & Liski, M. & Novak, A.J., 2001.
"Increasing returns and cycles in fishing,"
Open Access publications from Tilburg University
urn:nbn:nl:ui:12-86776, Tilburg University.
- Liski, M. & Kort, P.M. & Novak, A.J., 2000. "Increasing Returns and Cycles in Fishing," Discussion Paper 2000-57, Tilburg University, Center for Economic Research.
- M. Liski, P.M. Kort, A.J. Novak, 2001. "Increasing returns and cycles in fishing," Computing in Economics and Finance 2001 126, Society for Computational Economics.
- Akiomi Kitagawa & Akihisa Shibata, 2005. "Endogenous growth cycles in an overlapping generations model with investment gestation lags," Economic Theory, Springer, vol. 25(3), pages 751-762, 04.
- Majumdar, Mukul & Mitra, Tapan, 1994. "Periodic and Chaotic Programs of Optimal Intertemporal Allocation in an Aggregative Model with Wealth Effects," Economic Theory, Springer, vol. 4(5), pages 649-76, August.
- Montrucchio, Luigi, 1995. "A New Turnpike Theorem for Discounted Programs," Economic Theory, Springer, vol. 5(3), pages 371-82, May.
- Michael Kopel & Gustav Feichtinger & Herbert Dawid, 1997. "Complex solutions of nonconcave dynamic optimization models (*)," Economic Theory, Springer, vol. 9(3), pages 427-439.
- Spence, A Michael & Starrett, David, 1975. "Most Rapid Approach Paths in Accumulation Problems," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 16(2), pages 388-403, June.
- Nishimura, Kazuo & Sorger, Gerhard & Yano, Makoto, 1994. "Ergodic Chaos in Optimal Growth Models with Low Discount Rates," Economic Theory, Springer, vol. 4(5), pages 705-17, August.
- Hartman, Richard, 1976. "The Harvesting Decision When a Standing Forest Has Value," Economic Inquiry, Western Economic Association International, vol. 14(1), pages 52-58, March.
- Michael Kopel & Herbert Dawid, 1999. "On optimal cycles in dynamic programming models with convex return function," Economic Theory, Springer, vol. 13(2), pages 309-327.
- Rognvaldur Hannesson, 1975. "Fishery Dynamics: A North Atlantic Cod Fishery," Canadian Journal of Economics, Canadian Economics Association, vol. 8(2), pages 151-73, May.
- Tracy R. Lewis & Richard Schmalensee, 1979. "Non-convexity and Optimal Harvesting Strategies for Renewable Resources," Canadian Journal of Economics, Canadian Economics Association, vol. 12(4), pages 677-91, November.
- Berck, Peter, 1981. "Optimal management of renewable resources with growing demand and stock externalities," Journal of Environmental Economics and Management, Elsevier, vol. 8(2), pages 105-117, June.
- Grass, D. & Chahim, M., 2012. "Numerical Algorithms for Deterministic Impulse Control Models with Applications," Discussion Paper 2012-081, Tilburg University, Center for Economic Research.
- Reddy, P.V. & Schumacher, J.M. & Engwerda, J.C., 2012. "Optimal Management and Differential Games in the Presence of Threshold Effects - The Shallow Lake Model," Discussion Paper 2012-001, Tilburg University, Center for Economic Research.
- Chahim, Mohammed & Hartl, Richard F. & Kort, Peter M., 2012. "A tutorial on the deterministic Impulse Control Maximum Principle: Necessary and sufficient optimality conditions," European Journal of Operational Research, Elsevier, vol. 219(1), pages 18-26.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (CCSD).
If references are entirely missing, you can add them using this form.