Stabilizing employment in a fluctuating resource economy
We consider a resource management problem in which the management objective is to minimize fluctuations in resource economics. Stabilizing management policies consist of memoryless state feedback control strategies for a class of discrete-time resource models which contain unknown but bounded fluctuations. The underlying theory is based on conditions developed for Lyapunov-type stability of sets. The design of the stabilizing policies is illustrated by a simulation example from resource economics. Specifically, employment of fishermen is stabilized by using a subsidizing and taxing policy in an open access common- property fishery in which the value of the resource and the resource level fluctuate, and where entry and exit dynamics are determined by fluctuating revenues obtained from the fishery.
memoryless state feedback control strategies
scientific article; zbMATH DE number 4126967