Optimal Resource Management in a Stochastic Schaefer Model

Richard Hartman

No UWEC-2008-07, Working Papers from University of Washington, Department of Economics

Abstract: This paper incorporates uncertainty into the growth function of the Schaefer model for the optimal management of a biological resource. There is a critical value for the biological stock, and it is optimal to do no harvesting if the biological stock is below that critical value and to exert whatever harvesting effort is necessary to prevent the stock from rising above that critical value. The introduction of uncertainty increases the critical value of the stock.

Date: 2008-04
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