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Article Dans Une Revue Economic Theory Année : 2013

Optimality of impulse harvesting policies

Résumé

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.

Dates et versions

hal-00862924 , version 1 (17-09-2013)

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Katrin Erdlenbruch, Alain Jean-Marie, Michel Moreaux, Mabel Tidball. Optimality of impulse harvesting policies. Economic Theory, 2013, 52 (2), pp.429-459. ⟨10.1007/s00199-011-0650-6⟩. ⟨hal-00862924⟩
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