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 - 2001 |
All Science Journal Classification (ASJC) codes
- Statistics and Probability