Optimal harvesting from interacting populations in a stochastic environment

Edward Lungu, Bernt Øksendal

Research output: Contribution to journalArticle

19 Citations (Scopus)

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 languageEnglish
Pages (from-to)527-539
Number of pages13
JournalBernoulli
Volume7
Issue number3
DOIs
Publication statusPublished - Jan 1 2001

All Science Journal Classification (ASJC) codes

  • Statistics and Probability

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