TITLE

Optimality of impulse harvesting policies

AUTHOR(S)
Erdlenbruch, Katrin; Jean-Marie, Alain; Moreaux, Michel; Tidball, Mabel
PUB. DATE
March 2013
SOURCE
Economic Theory;Mar2013, Vol. 52 Issue 2, p429
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
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 policies. We then establish a link with the discrete-time models with cyclical solutions by Benhabib and Nishimura (J Econ Theory 35:284-306, ) and Dawid and Kopel (J Econ Theory 76:272-297, ). For the steady-state solution, we explore the relation to Clark's () continuous control model.
ACCESSION #
86406855

 

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