Over the past 30 years, researchers have used various approximations to address the impact of measurement uncertainty on optimal management policy. This literature has consistently suggested the counter-intuitive proposition that increasing harvest levels in the presence of measurement error is often optimal. Here, we use state-of-the art algorithms for Partially Observed Markov Decision Proces...

The present paper deals with a dynamic reaction model of a fishery. The dynamics of a fishery resource system in an aquatic environment consists of two zones: a free fishing zone and a reserve zone. To protect fish population from over exploitation, a control instrument tax is imposed. The existence of its steady states and their stability are studied. The optimal harvest policy is discussed ne...

Forest managers have traditionally planned harvests using their expert knowledge. This applies mainly to the spatial distribution of harvest units. The amount of timber to be harvested is regulated by market demand. In addition to forest managers’ expert knowledge, there is a set of rules, which can be automatized. Computerized harvest planning will lead not only to saving time of forest manage...

In this paper we study the exploitation of a one species forest plantation when timber price is governed by a stochastic process. The work focuses on providing closed expressions for the optimal harvesting policy in terms of the parameters of the price process and the discount factor. We assume that harvest is restricted to mature trees older than a certain age and that the growth after maturit...

The sea scallop resource of Georges Bank supports one of the largest commercial fisheries in the United States. The objective of this research was to develop a technique to examine different management strategies for the sea scallop resource of Georges Bank and compare these strategies to the optimal. A simulation model followed the sea scallop population dynamics using information from recent ...

Previous studies suggest that management intensity zoning systems, such as the triad approach, could allow Canada’s forest industry to maintain or increase timber harvest levels while simultaneously reducing its environmental impact. In most such studies, the zones are exogenously specified. In this study, we use a linear programming model to endogenously allocate forest land to management inte...

Human well-being highly depends on ecosystem services and this dependence is expected to increase in the future with increasing population and economic growth. Studies that investigate trade-offs between ecosystem services are urgently needed for informing policy-makers. We examine the trade-offs between a provisioning (revenues from timber selling) and regulating (carbon storage and sequestrat...

#465 Summary: The problem the economists in the field of renewable resources face is that of determining and recommending the harvest intensity that will maximize the economic value to the consuming society and also maximize the producers' surplus at a level of production in perpetuity. The optimal control theoretic approach was employed in this paper to theoretically answer this problem within...

Energy harvesting has attached considerably attention for its wide application in wireless green communications. Equipped with a rechargeable battery, a source node can harvest energy from ambient environments and rely on this free and regenerative energy supply to transmit packets. Due to the uncertainty of available energy from harvesting, however, it could induce intolerably large latency an...