Optimal harvesting of fish stocks under a time-varying discount rate.

@article{Duncan2011OptimalHO,
  title={Optimal harvesting of fish stocks under a time-varying discount rate.},
  author={S. R. Duncan and Cameron Hepburn and Antonis Papachristodoulou},
  journal={Journal of theoretical biology},
  year={2011},
  volume={269 1},
  pages={166-73}
}
Optimal control theory has been extensively used to determine the optimal harvesting policy for renewable resources such as fish stocks. In such optimisations, it is common to maximise the discounted utility of harvesting over time, employing a constant time discount rate. However, evidence from human and animal behaviour suggests that we have evolved to employ discount rates which fall over time, often referred to as "hyperbolic discounting". This increases the weight on benefits in the… CONTINUE READING

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