Stabilizing employment in a fluctuating resource economy
type: Item
instance of: scholarly article
title: Stabilizing employment in a fluctuating resource economy
zbMATH Open document ID: 0687.90025
DOI: 10.1007/BF00939732
author: George Leitmann
author: Veijo Kaitala
published in: Journal of Optimization Theory and Applications
publication date: 1990-01-01T00:00:00Z
review text: 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.
Mathematics Subject Classification ID: 91B76
Mathematics Subject Classification ID: 93C10
Mathematics Subject Classification ID: 93D05
Mathematics Subject Classification ID: 93C55
Mathematics Subject Classification ID: 91B62
zbMATH DE Number: 4126967
zbMATH Keywords: uncertain systems
zbMATH Keywords: min-max Lyapunov stabilization
zbMATH Keywords: guaranteed stabilization
zbMATH Keywords: resource management
zbMATH Keywords: memoryless state feedback control strategies
zbMATH Keywords: taxing
zbMATH Keywords: open access common-property fishery
MaRDI profile type: Publication
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cites work: Open Access and Extinction
description: scientific article; zbMATH DE number 4126967