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Fishery Management in a Regime Switching Environment: Utility Based Approach

Abstract : In this paper we study the problem of optimal fishing for regime switching, which may be regarded as sequential optimal problem with changes of regimes. The growth dynamics of a given fish species is described by the differential stochastic logistic model in which we take into account two states: prior or during floods and after. The resulting dynamic programming principle leads to a system of variational inequalities, by means of viscosity solutions approach, we prove the existence and uniqueness of the value functions. Then numerical approximation is used to answer the question: what is the optimal fishing effort for a sustainable fishery?
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https://hal.umontpellier.fr/hal-02433395
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Submitted on : Thursday, January 9, 2020 - 9:39:19 AM
Last modification on : Saturday, January 11, 2020 - 1:42:43 AM
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  • HAL Id : hal-02433395, version 1

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Gaston Clément Nyassoke Titi, Jules Sadefo Kamdem, Louis Fono. Fishery Management in a Regime Switching Environment: Utility Based Approach. 2020. ⟨hal-02433395⟩

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