Optimal harvesting in the stochastic logistic growth model with finite horizon (Q2848587)

The author considers the optimal harvesting of a population that evolves according to the stochastic logistic model. The problem is considered up to a finite time horizon or an endogenous extinction date, whatever comes first. The objective is to maximize the expected present value of the harvest plus the present value of the population left at the end of the exploitation.NEWLINENEWLINEThe author studies the parabolic variational inequality associated with this problem and develops a penalty method to solve it. The article provides a proof of the existence of the optimal harvesting policy together with a characterization of it.