REGULATION OF RENEWABLE RESOURCE EXPLOITATION

被引：4

作者：

Kharroubi, Idris ^{[1
]}

Lim, Thomas ^{[2
]}

Mastrolia, Thibaut ^{[3
]}

机构：

[1] Sorbonne Univ, LPSM, F-75005 Paris, France

[2] ENSIIE, UMR 8071, Lab Math & Modelisat Evry, F-91025 Evry, France

[3] Ecole Polytech, CMAP, IP Paris, F-91128 Palaiseau, France

来源：

SIAM JOURNAL ON CONTROL AND OPTIMIZATION | 2020年 / 58卷 / 01期

关键词：

contract theory; BSDE; HJB PDE; logistic SDE; UTILITY MAXIMIZATION;

D O I：

10.1137/19M1265740

中图分类号：

TP [自动化技术、计算机技术];

学科分类号：

0812 ;

摘要：

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.

引用

页码：551 / 579

页数：29

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