Harvesting of a Stochastic Population Under a Mixed Regular-Singular Control Formulation

Ky Q. Tran (), Bich T. N. Le () and George Yin ()
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Ky Q. Tran: State University of New York - Korea Campus
Bich T. N. Le: Hue University
George Yin: University of Connecticut

Journal of Optimization Theory and Applications, 2022, vol. 195, issue 3, No 15, 1106-1132

Abstract: Abstract This work focuses on optimal harvesting-renewing for a stochastic population. A mixed regular-singular control formulation with a state constraint and regime switching is introduced. The decision-makers either harvest or renew with finite or infinite harvesting/renewing rates. The payoff functions depend on the harvesting/renewing rates. Several properties of the value function are established. The limiting value function as the white noise intensity approaches infinity is identified. The Markov chain approximation method is used to find numerical approximation of the value function and optimal strategies.

Keywords: Harvesting problem; Controlled diffusion; Singular control; State constraint; Markovian switching; 93E20; 49N90; 92D25 (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/s10957-022-02127-7

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