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9 janvier 2020
- handle: 10670/1.fhzo8b
- hal: hal-02433395
info:eu-repo/semantics/OpenAccess
Mots-clés
regime switching floods crra utility logistic growth mean-reverting prices viscosity solution Howard's algorithmSujets proches
Flooding Inundations Ecological science Environmental biology Bionomics Ecological sciences Environment Balance of nature Oecology Biology--Ecology Ecological processesCiter ce document
Gaston Clément Nyassoke Titi et al., « Fishery Management in a Regime Switching Environment: Utility Based Approach », HAL-SHS : économie et finance, ID : 10670/1.fhzo8b
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Résumé
In this paper we study the problem of optimal fishing for regime switching, which may be regarded as sequential optimal problem with changes of regimes. The growth dynamics of a given fish species is described by the differential stochastic logistic model in which we take into account two states: prior or during floods and after. The resulting dynamic programming principle leads to a system of variational inequalities, by means of viscosity solutions approach, we prove the existence and uniqueness of the value functions. Then numerical approximation is used to answer the question: what is the optimal fishing effort for a sustainable fishery?