Journal
JOURNAL OF ECONOMIC DYNAMICS & CONTROL
Volume 123, Issue -, Pages -Publisher
ELSEVIER
DOI: 10.1016/j.jedc.2020.104060
Keywords
Breeding; Farming and cultivation; Spatial modelling; Spatial migration; Optimal control theory; Patterned optimal steady states; Optimal diffusion-induced instability
Categories
Funding
- Alfred-Wegener-Institute
- Helmholtz-Center for Polar and Marine Research
- Carl-von-Ossietzky University Oldenburg
- Ministry for Science and Culture of Lower Saxony (MWK)
- Volkswagen Foundation through the Niedersachsisches Vorab grant program [ZN3285]
- Alfred-Wegener-Institut Helmholtz-Zentrum fur Polar-und Meeresforschung
Ask authors/readers for more resources
This study examines the economic management of a spatially distributed renewable resource, focusing on optimal stock enhancement. The findings indicate that the optimal control policy may exhibit spatially heterogeneous steady states.
We study the economic management of a renewable resource, the stock of which is spatially distributed and moves over a discrete or continuous spatial domain. In contrast to standard harvesting models where the agent can control the take-out from the stock, we consider the case of optimal stock enhancement. In other words, we model an agent who is, either because of ecological concerns or because of economic incentives, interested in the conservation and enhancement of the abundance of the resource, and who may foster its growth by some costly stock-enhancement activity (e.g., cultivation, breeding, fertilizing, or nourishment). By investigating the optimal control problem with infinite time horizon in both spatially discrete and spatially continuous (1D and 2D) domains, we show that the optimal stock-enhancement policy may feature spatially heterogeneous (or patterned) steady states. We numerically compute the global bifurcation structure and optimal time-dependent paths to govern the system from some initial state to a patterned optimal steady state. Our findings extend the previous results on patterned optimal control to a class of ecological systems with important ecological applications, such as the optimal design of restoration areas. (C) 2020 The Author(s). Published by Elsevier B.V.
Authors
I am an author on this paper
Click your name to claim this paper and add it to your profile.
Reviews
Recommended
No Data Available