Group for Research in Decision Analysis

Optimality of Impulse Harvesting Policies

Alain Jean-Marie Centre de Recherche de Sophia-Antipolis Méditerranée, INRIA, France

We present a general optimal control model of a renewable resource, where the resource evolves in continuous time, but harvesting occurs at arbitrary discrete points in time. It is assumed that the profit function depends on both the stock and the quantity harvested. We show that, under a submodularity property of this profit function, the optimal policy is cyclical.