Harvesting of a phytoplankton-zooplankton model (Q708516)

A phytoplankton-zooplankton model with harvesting is proposed and investigated. First, stability conditions of equilibria and existence conditions for Hopf-bifurcation are established. Furthermore, the existence of bionomic equilibria and the optimal harvesting policy are discussed. The present value of revenues is maximized by using Pontryagin's maximum principle subject to the state equations and the control constraints. The authors discuss the case of an optimal equilibrium solution. It is found that the shadow prices remain constant over time in optimal equilibrium when they satisfy the transversality condition. It is established that the zero discounting leads to the maximization of economic revenue and that an infinite discount rate leads to complete dissipation of economic rent. Finally, some numerical simulations are given to illustrate the results.