Optimal dynamic control of predator–prey models
Otwin Becker () and
Ulrike Leopold-Wildburger ()
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Otwin Becker: University of Heidelberg
Ulrike Leopold-Wildburger: University of Graz
Central European Journal of Operations Research, 2020, vol. 28, issue 2, 425-440
Abstract This paper combines work to use a decision support tool for sustainable economic development, while acknowledging interdependent dynamics of population density, and interferences from outside. We get new insights derived from experimental approaches: analytical models (optimal dynamic control of predator–prey models) provide optimal dynamic strategies and interventions, depending on different objective functions. Our economic experiments are able to test the applicability of these strategies, and in how far decision-makers can learn to improve decision-making by repeated applications. We aim to analyse a sustainable environment with diametrical goals to harvest as much as possible while allowing optimal population growth. We find interesting insights from those who manage the dynamic system. With the methodology of experimental economics, the experiment at hand is developed to analyse the capability of individual persons to handle a complex system, and to find an economic, stable equilibrium in a neutral setting. We have developed a most interesting simulation model, where it will turn out that prices play a less important role than availability of the goods. This aspect could become a new important aspect in economics in general and in sustainable environments especially.
Keywords: Predator–prey model; Lotka–Volterra; Experimental economics; Optimal harvesting; Sustainability (search for similar items in EconPapers)
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