Optimal harvesting of a spatial renewable resource

Behringer S, Upmann T (2014)
Journal of Economic Dynamics and Control 42: 105-120.

Zeitschriftenaufsatz | Veröffentlicht | Englisch
 
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Autor*in
Behringer, Stefan; Upmann, ThorstenUniBi
Abstract / Bemerkung
In this paper we investigate the optimal harvesting of a renewable natural resource. While in most standard approaches the resource is located at a single point, we allow the resource to be distributed spatially. Consequently, an agent who exploits the resource has to travel from one location to another. For a fixed planning horizon, we investigate the speed and the path of harvesting chosen by the agent. We show that the agent adjusts this speed so as to visit each location only once, even in the absence of travelling cost. Since the agent does not return to any location for a second harvest, it is optimal to fully deplete the resource upon arrival. A similar type of bang–bang solution results when we drop the assumption of a constant harvesting rate: allowing for a variable harvesting rate, the agent chooses to fully exploit the resource either in the last or in the first travelling period. A society interested in conserving some of the resource thus has to take measures to limit the exploitative behaviour of the agent.
Erscheinungsjahr
2014
Zeitschriftentitel
Journal of Economic Dynamics and Control
Band
42
Seite(n)
105-120
ISSN
01651889
Page URI
https://pub.uni-bielefeld.de/record/2958441

Zitieren

Behringer S, Upmann T. Optimal harvesting of a spatial renewable resource. Journal of Economic Dynamics and Control. 2014;42:105-120.
Behringer, S., & Upmann, T. (2014). Optimal harvesting of a spatial renewable resource. Journal of Economic Dynamics and Control, 42, 105-120. https://doi.org/10.1016/j.jedc.2014.03.008
Behringer, S., and Upmann, T. (2014). Optimal harvesting of a spatial renewable resource. Journal of Economic Dynamics and Control 42, 105-120.
Behringer, S., & Upmann, T., 2014. Optimal harvesting of a spatial renewable resource. Journal of Economic Dynamics and Control, 42, p 105-120.
S. Behringer and T. Upmann, “Optimal harvesting of a spatial renewable resource”, Journal of Economic Dynamics and Control, vol. 42, 2014, pp. 105-120.
Behringer, S., Upmann, T.: Optimal harvesting of a spatial renewable resource. Journal of Economic Dynamics and Control. 42, 105-120 (2014).
Behringer, Stefan, and Upmann, Thorsten. “Optimal harvesting of a spatial renewable resource”. Journal of Economic Dynamics and Control 42 (2014): 105-120.

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