Abstract
AbstractAn analytical optimal time‐path solution method for nonlinear natural resource models based on backward induction is discussed. A method for estimating a time‐independent current period decision rule from the discrete‐point time‐path solution set generated with backward induction is then reviewed. A model of the northern anchovy fishery of California is used to compare the performance of this approach against previously reported results based on linear quadratic analytical dynamic programming and approximately optimal analytical current period decision rule solution methods. The approach provides an analytical shortcut alternative to numerical dynamic programming, without sacrificing precision.
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