Optimality of Impulse Harvesting Policies

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. 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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Rapport
[Research Report] 13031, LIRMM. 2010, pp.28
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https://hal.inria.fr/hal-00864187
Contributeur : Alain Jean-Marie <>
Soumis le : vendredi 20 septembre 2013 - 14:58:40
Dernière modification le : jeudi 24 mai 2018 - 15:59:21
Document(s) archivé(s) le : samedi 21 décembre 2013 - 04:30:36

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wp_idei_603.pdf
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  • HAL Id : hal-00864187, version 1

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Katrin Erdlenbruch, Alain Jean-Marie, Michel Moreaux, Mabel Tidball. Optimality of Impulse Harvesting Policies. [Research Report] 13031, LIRMM. 2010, pp.28. 〈hal-00864187〉

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