Abstract
An optimal economic harvesting policy, which maximizes the present value of an animal population, capable of renewing itself, is discussed. It is assumed that, unhindered, the successive population levels, X n , form a Markov chain, with transitions X n+1=ƒ(X n) + ϵ nƒ(X n) , where f is the recruitment function, and {ϵ n } is an iid sequence of random shocks. When a positive set-up cost is present an optimal policy is of the ( S, s) type. The optimal population level is compared with that of an equivalent deterministic model. Bioeconomic conditions, which imply the optimality of conservation, or extinction are investigated.
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