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Optimal management of renewable economic resources in a model with Bertalanffy growth law

โœ Scribed by L.A. Adelani; E.Y. Rodin

Publisher
Elsevier Science
Year
1989
Tongue
English
Weight
963 KB
Volume
12
Category
Article
ISSN
0895-7177

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โœฆ Synopsis

Two

methods for obtaining economic optimality in renewable resource exploitation are examined. The issue of biological optimality (conservation of the resource base) is also examined. In the first part of the article, the effectiveness of two realistic harvesting strategies are examined when management objective is the maximization of economic rent. A new optimal harvesting policy which depends on the market price is derived when maximization of total present value of economic rent is the resource management objective.

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