Grafton, R. Quentin; Sandal, Leif K.; Steinshamn, Stein Ivar - In: American Journal of Agricultural Economics 82 (2000) 3, pp. 570-580
The paper examines howan easy-to-apply optimal feedback rule can be used to solve for optimal levels of exploitation of a renewable resource. Using data from Canada's northern cod fishery, the optimal feedback rule is used to derive optimal levels of exploitation for the years 1962–91 under...