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Regulation of renewable resource exploitation

Abstract : 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.
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Submitted on : Thursday, November 19, 2020 - 10:48:45 AM
Last modification on : Friday, April 16, 2021 - 3:31:26 AM
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Idris Kharroubi, Thomas Lim, Thibaut Mastrolia. Regulation of renewable resource exploitation. SIAM Journal on Control and Optimization, Society for Industrial and Applied Mathematics, 2019, 58 (1), pp.551-579. ⟨10.1137/19M1265740⟩. ⟨hal-03013860⟩

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