A Nonlinear Irreversible Investment Model with Von Bertalanffy Law of Growth
In this paper we have considered a single species fishery model which follows von-Bertalanffy law of growth using two control variables effort and tax with irreversible investment to protect fish population from over exploitation. Mathematical formulation of the optimal harvest policy is given and its solution is derived in the equilibrium case by using Pontryagin's Maximum principle. Dynamic optimization of the harvest policy and optimal approach path to the long run equilibrium are also discussed by taking different combination of bang-bang and singular controls.
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