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Seminar. Alexandru Hening. “Optimal Sustainable Harvesting of Populations in Random Environments”
April 30 @ 14:00 – 15:00 BST
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In this seminar, Alexandru Hening (Texas A&M University) presents his work on harvesting problems:
Optimal Sustainable Harvesting of Populations in Random Environments
Framing harvesting as an ergodic control problem, Alexandru shows how to maximise the asymptotic harvesting yield of a population in a stochastic environment whose dynamics in the absence of harvesting is described by a one dimensional diffusion. The optimal strategy has a bang-bang property: there exists a threshold such that whenever the population is under the threshold the harvesting rate must be zero, whereas when the population is above the threshold the harvesting rate must be at the upper limit. The relation between the optimal harvesting strategies and one that maximises the expected cumulative present value of the harvesting yield will also be discussed.
The presentation is based on joint work with Sergiu Ungureanu and a paper co-authored by Luis H. R. Alvarez E., available here.
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