probability of actually hitting the mean values. Simulations are conducted with different fixed fishing mortality levels under 6 … scenarios. It seems that a constant fishing mortality around 0.06 is optimal. In the end, a comparison is made between …

-dependent force of mortality. We formulate the optimization problem as a combined stochastic control and optimal stopping problem with … a random time horizon, featuring three state variables: wealth, labor income, and force of mortality. To address this …- and mortality-dependent transformed version of the optimal stopping boundary. We also provide numerical illustrations of …