Stochastic Control and Its Applications on Optimal Harvesting Problems

This proposed project investigates the optimal harvesting strategy for a single species living in random environments whose growth is given by a regime-switching diffusion. The objectives are to 1) find a harvesting strategy which maximizes the expected total discounted income from harvesting up to the time of extinction of the species; 2) find a feasible and efficient computational methods to approximate optimal strategy and value function.