  Aiming for more realistic optimal dividend policies, we consider a stochastic
control problem with linearly bounded control rates using a performance
function given by the expected present value of dividend payments made up to
ruin. In a Brownian model, we prove the optimality of a member of a new family
of control strategies called delayed linear control strategies, for which the
controlled process is a refracted diffusion process. For some parameters
specifications, we retrieve the strategy initially proposed by Avanzi & Wong
(2012) to regularize dividend payments, which is more consistent with actual
practice.

Probability;Optimization and Control;Risk Management