Stochastic perturbations and fisheries management

TL;DR

This paper investigates how stochastic disturbances influence fisheries management, emphasizing the use of dynamic programming to determine optimal harvesting strategies under random environmental perturbations.

Contribution

It introduces a model combining deterministic growth with random perturbations and characterizes the optimal management policies using dynamic programming.

Findings

Optimal harvest strategies depend on the nature of stochastic perturbations.

The model's properties are analyzed to understand resource dynamics under randomness.

Specific jump kernels influence the behavior of optimal solutions.

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.