Fishery Management in a Regime Switching Environment: Utility Based Approach

Gaston Clément Nyassoke Titi, Jules Sadefo-Kamdem and Louis Fono
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Gaston Clément Nyassoke Titi: Université de Douala
Jules Sadefo-Kamdem: MRE - Montpellier Recherche en Economie - UM - Université de Montpellier, UG - Université de Guyane
Louis Fono: Université de Douala
Authors registered in the RePEc Author Service: Jules SADEFO KAMDEM

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Abstract: 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?

Keywords: regime switching; floods; crra utility; logistic growth; mean-reverting prices; viscosity solution; Howard's algorithm (search for similar items in EconPapers)
Date: 2020-01-09
New Economics Papers: this item is included in nep-cmp, nep-env, nep-ore and nep-upt
Note: View the original document on HAL open archive server: https://hal.umontpellier.fr/hal-02433395
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Citations: View citations in EconPapers (2)

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