Optimal management of replenishable resources in a predator-prey system with randomly fluctuating population

Abstract

An ecosystem of two species with predator-prey behavior and stochastic growth is formulated. The steady state distribution of the population levels of the species is generated and examined. Optimal harvesting strategies based on a social welfare function are studied. The results derived from constant effort harvesting and an effort adjustment policy are discussed. Qualitative results and interpretations are provided.