Harvesting of a stochastic population under a mixed regular-singular control formulation

DOI10.1007/S10957-022-02127-7MaRDI QIDQ2095579zbMATH OpenOpenAlexFDO

Authors Bich T. N. Le, George Yin, Ky Tran

Publication date 17 November 2022

Published in Journal of Optimization Theory and Applications (Search for Journal in Brave)

Full work available at URL https://arxiv.org/abs/2110.14418

zbMATH Keywords

controlled diffusionharvesting problemMarkovian switchingsingular controlstate constraint

Mathematics Subject Classification ID

Population dynamics (general) (92D25) Ecology (92D40) Optimal stochastic control (93E20)

Abstract: This work focuses on optimal harvesting-renewing for a stochastic population. A mixed regular-singular control formulation with a state constraint and regime-switching is introduced. The decision-makers either harvest or renew with finite or infinite harvesting/renewing rates. The payoff functions depend on the harvesting/renewing rates. Several properties of the value functions are established. The limiting value function as the white noise intensity approaches infinity is identified. The Markov chain approximation method is used to find a numerical approximation of the value function and optimal strategies.

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Cited in

(4)

• Optimal exploitation for hybrid systems of renewable resources under partial observation
• On optimal harvesting problems in random environments
• Limit equations of adaptive Erlangization and their application to environmental management
• On singular control of reflected diffusions

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