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Communication dans un congrès

Optimal harvesting of a regime-switching stochastic growing renewable resource: A Utility Theory Approach

Abstract : In this paper, following Smith (1978) and Ludwig (1979), we examine the optimal rate of extraction from a stochastically regime-switching growing resource stock (typically to maximize the expected flow of utility from net revenue). Assuming a continuous-time stochastic regime switching for the biomass Gilpin-Ayala growth function, and CRRA utility function for firms preferences, we find the optimal extraction rate that maximizes the expected integral of the utility function of net revenue of firms.
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Communication dans un congrès
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https://hal.umontpellier.fr/hal-02938057
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Soumis le : lundi 14 septembre 2020 - 16:27:21
Dernière modification le : jeudi 19 mai 2022 - 16:04:07

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  • HAL Id : hal-02938057, version 1

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Jules Sadefo-Kamdem. Optimal harvesting of a regime-switching stochastic growing renewable resource: A Utility Theory Approach. 2019 World Conference on Natural Resource Modelling, HEC Montréal, May 2019, Montréal, Canada. ⟨hal-02938057⟩

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