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Harvesting of a Stochastic Population Under a Mixed Regular-Singular Control Formulation

Tran Department of Applied Mathematics and Statistics, State University of New York, Korea Campus, Yeonsu-Gu, Incheon, 21985, South Korea|
George (57201434324) | Bich T. N. (57792542000); Yin Department of Mathematics, University of Connecticut, Storrs, 06269, CT, United States| Ky Q. (55821786600); Le Department of Mathematics, Hue University of Education, Hue University, Hue City, Viet Nam|

Journal of Optimization Theory and Applications Số 3, năm 2022 (Tập 195, trang 1106-1132)

ISSN: 223239

ISSN: 223239

DOI: 10.1007/s10957-022-02127-7

Tài liệu thuộc danh mục:

Article

English

Từ khóa: Decision making; Harvesting; Markov processes; Numerical methods; White noise; Controlled diffusion; Decision makers; Harvesting problem; Markovian switching; Optimal harvesting; Regime switching; Singular control; State constraints; Stochastic population; Value functions; Stochastic systems
Tóm tắt tiếng anh
This work focuses on optimal harvesting-renewing for a stochastic population. A mixed regular-singular control formulation with a state constraint and regime switching is introduced. The decision-makers either harvest or renew with finite or infinite harvesting/renewing rates. The payoff functions depend on the harvesting/renewing rates. Several properties of the value function are established. The limiting value function as the white noise intensity approaches infinity is identified. The Markov chain approximation method is used to find numerical approximation of the value function and optimal strategies. � 2022, The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature.

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