Discrete optimal capital investment and financing policies in fishery resource harvesting with reserve area

[摘要] This research discusses a problem in renewable resource (fish) harvesting on single-owner fishery where the dynamics of growth are expressed by system of difference equations. The model involves three state variables (stock of equity, resource stock in reserve zone and unreserved zone) and two control variables (effort rate and dividend payout rate). Discrete Pontryagin maximum principle was applied to obtain optimality conditions which must be satisfied by the variables. Further, the forward-backward sweep method was used to determine the numerical solution of optimal control model. Three scenarios of interest rate applied to find out the response of company in managing harvesting effort and dividend payout rate were investigated.

[发布机构] Division of Operation Research, Department of Mathematics, IPB University (Bogor Agricultural University), Kampus IPB Dramaga, Bogor; 16680, Indonesia^1

[学科分类] 计算机科学（综合）

[关键词] Capital investment;Fishery resources;Forward/ backward sweep;Numerical solution;Optimal control model;Optimality conditions;Renewable resource;System of difference equations