A stochastic model for optimal harvesting of two competing species
Bernt Øksendal
Dept of Mathematics, University of Oslo, Norway
Abstract
We consider two competing populations described by a coupled system of
two stochastic differential equations and ask for an optimal harvesting
strategy. I.e., we ask for a harvesting strategy which maximizes the
expected value of the total discounted weighted volume harvested. The
problem is formulated as a singular stochastic control problem and studied
using the corresponding Hamilton-Jacobi-Bellman equation and local time.
The talk is based on joint work with Edward Lungu, University of Botswana.