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Journal of Economic Dynamics and Control
ELSEVIER 21 (1997) 603-630
Optimal investment and finance in
renewable resource harvesting
Steffen Jorgensena, Peter M. Kort*sb
‘Department of Management, Odense University Odense, Denmark
“Departmentof Econometrics and CentER, Tilburg University. 5000 LE Tilburg, The Netherlands
(ReceivedNovember 1994;final version received March 1996)
Abstract
The paper studies a dynamic optimization problem in renewable resource harvesting,
capital investment, and financing. It combines two different approaches, viz., renewable
resource harvesting with capital investments, and investment policy under a borrow-
ing/lending constraint according to which the interest rate on outstanding debt/lending
increases with cumulative debt/lending. The problem is set up as an optimal control
model, having two state variables (resource stock and stock of equity) and two controls
(effort rate and dividend payout rate). The solution is identified by the maximum
principle and a synthesizing procedure.
Key words: Investment and financing policies; Renewable resource; Optimal control
JEL classification: D21; G31; G32; Q22
1. Introduction
Bioeconomic theory tells us that in an open-access fishery rents tend to
dissipate and stocks may be extincted. These findings have support in real life.
To prevent overfishing and possible depletion of stocks
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