The effects of random environmental impacts on optimal exploitation of a fish population are investigated using both optimization and simulation, based on a discrete-time age-structured bioeconomic model. The optimization problem is solved as a non-linear programming problem in GAMS. First, a...

Many biological and economic processes in fishery happen seasonally. Most of the extant literature tends to neglect this fact. This work is an initial attempt to treat seasonality in a systematic and proper way. We apply a periodic Bellman approach to obtain the optimal feedback policy of each...

This paper demonstrates a predator-prey system of cod and capelin that confronts a possible scenario of prey extinction under the first-best policy in a stochastic world. We discover a novel ‘super-harvest' phenomenon that the optimal harvest of the predator is even higher than the myopic...

More and more fishery researchers begin to acknowledge that one-dimensional biomass models may omit key information when generating management guidelines. For the more complicated age-structured models, numerous parameters require a proper estimation or a reasonable assumption. In this paper,...

In standard models of spatial harvesting, the resource is distributed over the complete domain and the agent is able to control the harvesting activity everywhere all the time. In some cases though, it is more realistic to assume that the resource is located at a single point in space and that...

The multispecies fisheries management looks at a bigger picture in addressing the long-term consequences of present decisions. This implies an ecosystem management that includes a number of species and their physical, biological and economic interactions. These interactions make the growth of...

Nutrient enrichment of marine ecosystems is regarded as a pressing global environmental problem. For certain marine species it may be a mixed blessing, resulting in damaging ecosystem events, but contributing to primary productivity. Consequently, the impact of enrichment on fishery profits may...

The central question of environmental law is "how much?" How much pollution should we emit into the air and water? How much resource exploitation should we engage in? While for other "how much" questions our society tends to rely (at least in theory) on the market, when it comes to environmental...

It is known that the Black-Scholes model can be well approximated by lattice models such as the Cox-Ross-Rubinstein (CRR) model in Cox, Ross, and Rubinstein (1979). The orders of convergence of several lattice models have been shown in Leisen and Reimer (1996). In this study, we consider a...