### Abstract

Consider n populations whose sizes are given by stochastic differential equations driven by mdimensional Brownian motion. We study the following problem: what harvesting strategy from the n populations maximizes the expected total income from the harvest? We formulate this as a (singular) stochastic control problem and give sufficient conditions for the existence of an optimal strategy. Our results lead to the one-at-a-time principle that it is almost surely never optimal to harvest from more than one population at a time.

Original language | English |
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Pages (from-to) | 527-539 |

Number of pages | 13 |

Journal | Bernoulli |

Volume | 7 |

Issue number | 3 |

DOIs | |

Publication status | Published - Jan 1 2001 |

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### All Science Journal Classification (ASJC) codes

- Statistics and Probability

### Cite this

*Bernoulli*,

*7*(3), 527-539. https://doi.org/10.2307/3318500

}

*Bernoulli*, vol. 7, no. 3, pp. 527-539. https://doi.org/10.2307/3318500

**Optimal harvesting from interacting populations in a stochastic environment.** / Lungu, Edward; Øksendal, Bernt.

Research output: Contribution to journal › Article

TY - JOUR

T1 - Optimal harvesting from interacting populations in a stochastic environment

AU - Lungu, Edward

AU - Øksendal, Bernt

PY - 2001/1/1

Y1 - 2001/1/1

N2 - Consider n populations whose sizes are given by stochastic differential equations driven by mdimensional Brownian motion. We study the following problem: what harvesting strategy from the n populations maximizes the expected total income from the harvest? We formulate this as a (singular) stochastic control problem and give sufficient conditions for the existence of an optimal strategy. Our results lead to the one-at-a-time principle that it is almost surely never optimal to harvest from more than one population at a time.

AB - Consider n populations whose sizes are given by stochastic differential equations driven by mdimensional Brownian motion. We study the following problem: what harvesting strategy from the n populations maximizes the expected total income from the harvest? We formulate this as a (singular) stochastic control problem and give sufficient conditions for the existence of an optimal strategy. Our results lead to the one-at-a-time principle that it is almost surely never optimal to harvest from more than one population at a time.

UR - http://www.scopus.com/inward/record.url?scp=0346341329&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=0346341329&partnerID=8YFLogxK

U2 - 10.2307/3318500

DO - 10.2307/3318500

M3 - Article

AN - SCOPUS:0346341329

VL - 7

SP - 527

EP - 539

JO - Bernoulli

JF - Bernoulli

SN - 1350-7265

IS - 3

ER -