Free access to paper on stochastic aquaculture system

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  • Author: Statistics Views
  • Date: 27 November 2017

Each week, we select a recently published article and provide free access. This week's is from Applied Stochastic Models in Business and Industry and is available from the September-October 2017 issue.

To read the article in full, please click the link below:

Optimization model to start harvesting in stochastic aquaculture system

Hidekazu Yoshioka and Yuta Yaegashi

Applied Stochastic Models in Business and Industry

Volume 33, Issue 5, pages 476–493, September/October 2017

The introduction is provided below:

thumbnail image: Free access to paper on stochastic aquaculture system

Establishment of cost-effective management strategy of aquaculture is one of the most important issues in fishery science, which can be addressed with bio-economic mathematical modeling. This paper deals with the aforementioned issue using a stochastic process model for aquacultured non-renewable fishery resources from the viewpoint of an optimal stopping (timing) problem. The goal of operating the model is to find the optimal criteria to start harvesting the resources under stochastic environment, which turns out to be determined from the Bellman equation (BE). The BE has a separation of variables type structure and can be simplified to a reduced BE with a fewer degrees of freedom. Dependence of solutions to the original and reduced BEs on parameters and independent variables is analyzed from both analytical and numerical standpoints. Implications of the analysis results to management of aquaculture systems are presented as well. Numerical simulation focusing on aquacultured Plecoglossus altivelis in Japan validates the mathematical analysis results.

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