Optimal harvesting from interacting populations in a stochastic environment

Edward Lungu, Bernt Øksendal

Research output: Contribution to journalArticle

17 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

Fingerprint

Optimal Harvesting
Singular Stochastic Control
Harvesting
Optimal Strategy
Population Size
Stochastic Equations
Brownian motion
Control Problem
Maximise
Differential equation
Sufficient Conditions
Strategy

All Science Journal Classification (ASJC) codes

  • Statistics and Probability

Cite this

Lungu, Edward ; Øksendal, Bernt. / Optimal harvesting from interacting populations in a stochastic environment. In: Bernoulli. 2001 ; Vol. 7, No. 3. pp. 527-539.
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Optimal harvesting from interacting populations in a stochastic environment. / Lungu, Edward; Øksendal, Bernt.

In: Bernoulli, Vol. 7, No. 3, 01.01.2001, p. 527-539.

Research output: Contribution to journalArticle

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