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...