IDEAS home Printed from https://ideas.repec.org/a/eee/spapps/v150y2022icp678-698.html
   My bibliography  Save this article

Optimal sustainable harvesting of populations in random environments

Author

Listed:
  • Alvarez E., Luis H.R.
  • Hening, Alexandru

Abstract

We study the optimal sustainable harvesting of a population that lives in a random environment. The novelty of our setting is that we maximize the asymptotic harvesting yield, both in an expected value and almost sure sense, for a large class of harvesting strategies and unstructured population models. We prove under relatively weak assumptions that there exists a unique optimal harvesting strategy characterized by an optimal threshold below which the population is maintained at all times by utilizing a local time push-type policy. We also discuss, through Abelian limits, how our results are related to the optimal harvesting strategies when one maximizes the expected cumulative present value of the harvesting yield and establish a simple connection and ordering between the values and optimal boundaries. Finally, we explicitly characterize the optimal harvesting strategies in two different cases, one of which is the celebrated stochastic Verhulst Pearl logistic model of population growth.

Suggested Citation

  • Alvarez E., Luis H.R. & Hening, Alexandru, 2022. "Optimal sustainable harvesting of populations in random environments," Stochastic Processes and their Applications, Elsevier, vol. 150(C), pages 678-698.
    • Handle: RePEc:eee:spapps:v:150:y:2022:i:c:p:678-698
    DOI: 10.1016/j.spa.2019.02.008
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S030441491830348X
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.spa.2019.02.008?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Alvarez, Luis H. R., 2000. "Singular stochastic control in the presence of a state-dependent yield structure," Stochastic Processes and their Applications, Elsevier, vol. 86(2), pages 323-343, April.
    2. Dreze, Jean & Stern, Nicholas, 1987. "The theory of cost-benefit analysis," Handbook of Public Economics, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 2, chapter 14, pages 909-989, Elsevier.
    3. Andrew Jack & Mihail Zervos, 2006. "A singular control problem with an expected and a pathwise ergodic performance criterion," International Journal of Stochastic Analysis, Hindawi, vol. 2006, pages 1-19, June.
    4. Helmes, Kurt L. & Stockbridge, Richard H., 2011. "Thinning and harvesting in stochastic forest models," Journal of Economic Dynamics and Control, Elsevier, vol. 35(1), pages 25-39, January.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Dianetti, Jodi & Ferrari, Giorgio & Tzouanas, Ioannis, 2023. "Ergodic Mean-Field Games of Singular Control with Regime-Switching (extended version)," Center for Mathematical Economics Working Papers 681, Center for Mathematical Economics, Bielefeld University.
    2. Ky Q. Tran & Bich T. N. Le & George Yin, 2022. "Harvesting of a Stochastic Population Under a Mixed Regular-Singular Control Formulation," Journal of Optimization Theory and Applications, Springer, vol. 195(3), pages 1106-1132, December.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Hammitt, James K., 2022. "Prevention, Treatment, and Palliative Care: The Relative Value of Health Improvements under Alternative Evaluation Frameworks," TSE Working Papers 22-1339, Toulouse School of Economics (TSE).
    2. Joong-Ho Kook & Seok Gyu Choi, 2022. "A Comparative Study of Household Consumption Patterns and Optimal Commodity Tax Rates between Korea and Japan," Korean Economic Review, Korean Economic Association, vol. 38, pages 479-507.
    3. Schweinberger, Albert G., 1995. "Environmental policy, the gains from trade and the double dividend debate," Discussion Papers, Series II 267, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
    4. Elisa BORGHI & Chiara DEL BO & Massimo FLORIO, 2010. "The theory of public enterprise, social welfare and planning: a note," Departmental Working Papers 2010-20, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    5. Massimo Florio & Silvia Vignetti, 2008. "Building a bridge across CBA traditions: the contribution of EU Regional Policy," Working Papers 200908, CSIL Centre for Industrial Studies.
    6. Scarborough, Helen & Bennett, Jeffrey W., 2006. "Estimating intergenerational utility distribution preferences," 2006 Conference (50th), February 8-10, 2006, Sydney, Australia 139899, Australian Agricultural and Resource Economics Society.
    7. Lant Pritchett & Salimah Samji & Jeffrey S. Hammer, 2012. "It's All about MeE: Using Structured Experiential Learning ('e') to Crawl the Design Space," WIDER Working Paper Series wp-2012-104, World Institute for Development Economic Research (UNU-WIDER).
    8. Karine Nyborg & Inger Spangen, 2000. "Cost-Benefit Analysis and the Democratic Ideal," Nordic Journal of Political Economy, Nordic Journal of Political Economy, vol. 26, pages 83-93.
    9. Li, Chuan-Zhong & Löfgren, Karl-Gustaf, 2010. "Dynamic cost-benefit analysis of large projects: The role of capital cost," Economics Letters, Elsevier, vol. 109(2), pages 128-130, November.
    10. Calthrop, Edward & De Borger, Bruno & Proost, Stef, 2010. "Cost-benefit analysis of transport investments in distorted economies," Transportation Research Part B: Methodological, Elsevier, vol. 44(7), pages 850-869, August.
    11. Jimenez, Emmanuel & DEC, 1994. "Human and physical infrastructure : public investment and pricing policies in developing countries," Policy Research Working Paper Series 1281, The World Bank.
    12. Netsanet Haile & Jorn Altmann, 2015. "Risk-Benefit-Mediated Impact of Determinants on the Adoption of Cloud Federation," TEMEP Discussion Papers 2015122, Seoul National University; Technology Management, Economics, and Policy Program (TEMEP), revised May 2015.
    13. David Coady & Jean Dreze, 2000. "Commodity Taxation and Social Welfare: The Generalised Ramsey Rule," Working papers 87, Centre for Development Economics, Delhi School of Economics.
    14. Chiara Del Bo & Carlo Fiorio & Massimo Florio, 2011. "Shadow Wages for the EU Regions," Fiscal Studies, Institute for Fiscal Studies, vol. 32(1), pages 109-143, March.
    15. Dilger, Alexander, 2021. "Qualitative Kosten-Nutzen-Analyse von Corona-Impfungen und Impfpflicht," Discussion Papers of the Institute for Organisational Economics 12/2021, University of Münster, Institute for Organisational Economics.
    16. Louis Kaplow, 1993. "Should the Government's Allocation Branch be Concerned about the Distortionary Cost of Taxation and Distributive Effects?," NBER Working Papers 4566, National Bureau of Economic Research, Inc.
    17. Forsyth, Peter, 2014. "Is it in Germany's economic interest to allow Emirates to fly to Berlin? A framework for analysis," Journal of Air Transport Management, Elsevier, vol. 41(C), pages 38-44.
    18. F. Barigozzi & B. Villeneuve, 2001. "Influencing the Misinformed Misbehaver: An Analysis of Public Policy towards Uncertainty and External Effects," Working Papers 404, Dipartimento Scienze Economiche, Universita' di Bologna.
    19. Julija Vasiljevska & Tilemahos Efthimiadis, 2022. "Selection of Smart Grids Projects of Common Interest—Past Experiences and Future Perspectives," Energies, MDPI, vol. 15(5), pages 1-14, March.
    20. Haoyang Cao & Jodi Dianetti & Giorgio Ferrari, 2021. "Stationary Discounted and Ergodic Mean Field Games of Singular Control," Papers 2105.07213, arXiv.org.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:spapps:v:150:y:2022:i:c:p:678-698. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/wps/find/journaldescription.cws_home/505572/description#description .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.