Abstract
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.
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Ströbele, W.J., Wacker, H. The economics of harvesting predator-prey systems. Zeitschr. f. Nationalökonomie 61, 65–81 (1995). https://doi.org/10.1007/BF01231484
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DOI: https://doi.org/10.1007/BF01231484