Cycles in Agricultural Production: The Case of Aquaculture

Larry Karp, Arye Sadeh and Wade L. Griffin

American Journal of Agricultural Economics, 1986, vol. 68, issue 3, 553-561

Abstract: The problem of determining optimal harvest and restocking time and levels is considered. A continuous time deterministic control problem is used to study the case where production occurs in a controlled environment. A stochastic control problem is then used to determine rules for the cultivation of P. stylirostris which occurs in a stochastic environment. The deterministic analog of the problem is also solved. The two solutions are used to develop a measure for the value of a controlled environment and for the value of information about the stochastic environment.

Date: 1986
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:68:y:1986:i:3:p:553-561.

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