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Stochastic perturbations and fisheries management

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  • Patrice Loisel

    (MISTEA - Mathématiques, Informatique et STatistique pour l'Environnement et l'Agronomie - INRA - Institut National de la Recherche Agronomique - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier)

Abstract

As most natural resources, fisheries are affected by random disturbances. The evolution of such resources may be modelled by a succession of deterministic process and random perturbations on biomass and/or growth rate at random times. We analyze the impact of the characteristics of the perturbations on the management of natural resources. We highlight the importance of using a dynamic programming approach in order to completely characterize the optimal solution, we also present the properties of the controlled model and give the behavior of the optimal harvest for specific jump kernels.

Suggested Citation

  • Patrice Loisel, 2019. "Stochastic perturbations and fisheries management," Post-Print hal-02276979, HAL.
    • Handle: RePEc:hal:journl:hal-02276979
    Note: View the original document on HAL open archive server: https://hal.science/hal-02276979
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    References listed on IDEAS

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    1. Sethi, Gautam & Costello, Christopher & Fisher, Anthony & Hanemann, Michael & Karp, Larry, 2005. "Fishery management under multiple uncertainty," Journal of Environmental Economics and Management, Elsevier, vol. 50(2), pages 300-318, September.
    2. Robert S. Pindyck, 1984. "Uncertainty in the Theory of Renewable Resource Markets," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 51(2), pages 289-303.
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    Keywords

    Piecewise Deterministic Markov Process (PDMP); optimal control; value function;
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