Abstract
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.
Citation
Edward Lungu. Bernt øksendal. "Optimal harvesting from interacting populations in a stochastic environment." Bernoulli 7 (3) 527 - 539, June 2001.
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