- Volume 7, Number 3 (2001), 527-539.
Optimal harvesting from interacting populations in a stochastic environment
Consider n populations whose sizes are given by stochastic differential equations driven by m-dimensional 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.
Bernoulli, Volume 7, Number 3 (2001), 527-539.
First available in Project Euclid: 22 March 2004
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Lungu, Edward; øksendal, Bernt. Optimal harvesting from interacting populations in a stochastic environment. Bernoulli 7 (2001), no. 3, 527--539. https://projecteuclid.org/euclid.bj/1080004764