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Regulation of Renewable Resource Exploitation
SIAM Journal on Control and Optimization ( IF 2.2 ) Pub Date : 2020-02-27 , DOI: 10.1137/19m1265740 Idris Kharroubi , Thomas Lim , Thibaut Mastrolia
SIAM Journal on Control and Optimization ( IF 2.2 ) Pub Date : 2020-02-27 , DOI: 10.1137/19m1265740 Idris Kharroubi , Thomas Lim , Thibaut Mastrolia
SIAM Journal on Control and Optimization, Volume 58, Issue 1, Page 551-579, January 2020.
We investigate the impact of a regulation policy imposed on an agent exploiting a possibly renewable natural resource. We adopt a principal-agent model in which the Principal looks for a contract, i.e., taxes/compensations, leading the Agent to a certain level of exploitation. For a given contract, we first describe the Agent's optimal harvest using the backward SDE theory. Under regularity and boundedness assumptions on the coefficients, we express almost optimal contracts as solutions to HJB equations. We then extend the result to coefficients with less regularity and logistic dynamics for the natural resource. We end by numerical examples to illustrate the impact of the regulation in our model.
中文翻译:
再生资源开发规定
SIAM控制与优化杂志,第58卷,第1期,第551-579页,2020年1月。
我们研究了监管政策对开发可再生自然资源的代理商的影响。我们采用委托人-代理人模型,其中委托人寻找合同,即税收/补偿,从而使代理人达到一定程度的剥削。对于给定的合同,我们首先使用后向SDE理论描述Agent的最佳收获。在系数的正则性和有界性假设下,我们将几乎最优的合同表示为HJB方程的解。然后,我们将结果扩展到自然资源具有较少规律性和逻辑动力学的系数。我们以数字示例结尾,以说明模型中法规的影响。
更新日期:2020-02-27
We investigate the impact of a regulation policy imposed on an agent exploiting a possibly renewable natural resource. We adopt a principal-agent model in which the Principal looks for a contract, i.e., taxes/compensations, leading the Agent to a certain level of exploitation. For a given contract, we first describe the Agent's optimal harvest using the backward SDE theory. Under regularity and boundedness assumptions on the coefficients, we express almost optimal contracts as solutions to HJB equations. We then extend the result to coefficients with less regularity and logistic dynamics for the natural resource. We end by numerical examples to illustrate the impact of the regulation in our model.
中文翻译:
再生资源开发规定
SIAM控制与优化杂志,第58卷,第1期,第551-579页,2020年1月。
我们研究了监管政策对开发可再生自然资源的代理商的影响。我们采用委托人-代理人模型,其中委托人寻找合同,即税收/补偿,从而使代理人达到一定程度的剥削。对于给定的合同,我们首先使用后向SDE理论描述Agent的最佳收获。在系数的正则性和有界性假设下,我们将几乎最优的合同表示为HJB方程的解。然后,我们将结果扩展到自然资源具有较少规律性和逻辑动力学的系数。我们以数字示例结尾,以说明模型中法规的影响。