The economics of harvesting predator-prey systems
- Cite this article as:
- Ströbele, W.J. & Wacker, H. Zeitschr. f. Nationalökonomie (1995) 61: 65. doi:10.1007/BF01231484
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The economics of harvesting a renewable natural resource is well-developed in a framework where environmental conditions of the species looked at are kept constant. For the case of two interacting species as a prey-predator relationship the economics of harvesting one of the two species is analyzed. Questions of existence, uniqueness, and stability are looked at. Applying optimal control theory, a modified golden rule of harvesting is derived.