Pulse Fishing and Stochastic Equilibrium in the Multicohort Fishery, Journal of Economic Dynamics and Control
Pulse-fishing harvesting policies are shown to be optimal for a competitive firm managing a multicohort fishery subject to environmental disturbances. Selective harvesting and non-selective proportional harvesting policies are examined. It is shown that pulse-fishing implies convergence to a unique, invariant probability distribution on cohort biomass levels and environmental disturbances that is independent of the initial state of the system.
Spulber, Daniel. 1983. Pulse Fishing and Stochastic Equilibrium in the Multicohort Fishery. Journal of Economic Dynamics and Control. 6(1): 309-332.