Optimal harvesting of renewable resources |
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| Authors: | C. Koen |
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| Affiliation: | (1) Department of Applied Mathematics, University of Fort Hare, Ciskei, South Africa;(2) Department of Biomathematics, University of Bophuthatswana, Mmabatho, Bophuthatswana, South Africa |
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| Abstract: | The aim of the paper is to investigate different types of calculus of variations solutions maximizing the present value of a renewable resource. It is found that there are two types of optimal stationary harvesting policies. For certain cost functions, bang-bang harvesting may be more profitable than either of these. |
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| Keywords: | Optimal harvesting renewable resources calculus of variations bang-bang fishing |
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