Bio-economics of a renewable resource in a seasonally varying environment

Abstract

In this paper we study the bio-economics of a renewable resource with governing dynamics described by two distinct growth functions (viz., logistic and Gompertz growth functions) in a seasonally varying environment. Seasonality is introduced into the system by taking the involved ecological parameters to be periodic. In this work, we establish a procedure to obtain the optimal path and compute the optimal effort policy which maximizes the net revenue to the harvester for a fairly general optimal control problem and apply this procedure to the considered models to derive some important conclusions. These problems are solved on the infinite horizon. We find that, for both the models, the optimal harvest policy and the corresponding optimal path are periodic after a finite time. We also obtain optimal solution, a suboptimal harvesting policy and the corresponding suboptimal approach path to reach this optimal solution. The key results are illustrated using numerical simulations and we compare the revenues to the harvester along the optimal and suboptimal paths. The general procedure developed in this work, for obtaining the optimal effort policy and the optimal path, has wider applicability