Optimal harvesting under marine reserves and uncertain environment
Vathana Ly Vath and
European Journal of Operational Research, 2022, vol. 301, issue 3, 1181-1194
Persistence in the literature is the perception of an inherent tradeoff between ecological conservation and economic harvesting goals. Overexploitation may lead to resource destruction, including extinction. Conservation measures should be decided and implemented. A standard ecological response is to impose no-take areas or marine reserves. In this paper, our objective is to study a harvesting management problem under the constraints of a no-take area, which we formulate mathematically as a bi-dimensional singular stochastic control problem. Using dynamic programming theory, we characterise our value function as the unique solution to a HJB equation. We also describe the optimal harvesting strategy by identifying the harvesting and non-harvesting regions. We show that setting up reserve area not only leads to a better ecological conservation but may also increase the economic benefit for fishing industry in the long run. We further enrich our studies with some numerical analysis, enabling us to get some insightful understanding on the size of the reserve area where no-take policy should be implemented.
Keywords: OR in natural resources; Fisheries management; Marine reserves; Stochastic control; Optimal harvesting (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
Full text for ScienceDirect subscribers only
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:eee:ejores:v:301:y:2022:i:3:p:1181-1194
Access Statistics for this article
European Journal of Operational Research is currently edited by Roman Slowinski, Jesus Artalejo, Jean-Charles. Billaut, Robert Dyson and Lorenzo Peccati
More articles in European Journal of Operational Research from Elsevier
Bibliographic data for series maintained by Catherine Liu ().