Abstract:This work focuses on optimal harvesting-renewing for a stochastic population. A mixed regular-singular control formulation with a state constraint and regime-switching is introduced. The decision makers either harvest or renew with finite or infinite harvesting/renewing rates. The payoff functions depend on the harvesting/renewing rates. Several properties of the value functions are established. The limiting value function as the white noise intensity approaches infinity is identified. The Markov chain approxi… Show more
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