Optimality of impulse harvesting policies
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.
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|Date of creation:||Mar 2013|
|Publication status:||Published in Economic Theory, Springer Verlag, 2013, 52 (2), pp.429-459. 〈10.1007/s00199-011-0650-6〉|
|Note:||View the original document on HAL open archive server: https://hal.inria.fr/hal-00862924|
|Contact details of provider:|| Web page: https://hal.archives-ouvertes.fr/|
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