OPTIMAL ESCAPEMENT LEVELS IN STOCHASTIC AND DETERMINISTIC HARVESTING MODELS

A constant-escapement feedback policy is shown to be optimal in maximizing expected discounted net revenue from an animal resource whose dynamics are described by a stochastic stock-recruitment model, provided that unit harvesting costs satisfy certain conditions. The optimal escapement in this model is compared with that in the corresponding deterministic model and it is shown how the way in which unit harvesting costs vary with population abundance can be important in determining the relative sizes of the optimal escapements. In most cases, the optimal stochastic escapement is no less than the optimal deterministic escapement. © 1979.