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Optimality of Impulse Harvesting Policies

  • Katrin Erdlenbruch


    (UMR G-EAU - Gestion de l'Eau, Acteurs et Usages - Institut de recherche pour le développement [IRD] - CIRAD - Centre de coopération internationale en recherche agronomique pour le développement - AgroParisTech - Irstea - Centre International des Hautes Études Agronomiques Méditerranéennes-Institut Agronomique Méditerranéen de Montpellier [CIHEAM-IAMM])

  • Alain Jean-Marie


    (MAESTRO - Models for the performance analysis and the control of networks - CRISAM - Inria Sophia Antipolis - Méditerranée - INRIA, APR - Algorithmes et Performance des Réseaux - LIRMM - Laboratoire d'Informatique de Robotique et de Microélectronique de Montpellier - CNRS - UM - Université de Montpellier)

  • Michel Moreaux


    (TSE - Toulouse School of Economics - Toulouse School of Economics)

  • Mabel Tidball


    (LAMETA - Laboratoire Montpelliérain d'Économie Théorique et Appliquée - CNRS - Institut national de la recherche agronomique (INRA) - UM1 - Université Montpellier 1 - Centre international de hautes études agronomiques méditerranéennes [CIHEAM])

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.

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Paper provided by HAL in its series Working Papers with number hal-00864187.

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Date of creation: Apr 2010
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Handle: RePEc:hal:wpaper:hal-00864187
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  1. 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.
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