Optimal strategies for a fishery model applied to utility functions

This work examines aquaculture-related activities in the commercial exploitation of fish reproduction. Fisheries' problem of maximizing utility is modeled for the state of Puebla, Mexico, to determine optimal fish production. The problem of maximizing utility subject to the fish production func...

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Bibliographic Details
Published inMathematical biosciences and engineering : MBE Vol. 18; no. 1; pp. 518 - 529
Main Authors Camilo-Garay, Carlos, Israel Ortega-Gutiérrez, R., Cruz-Suárez, Hugo
Format Journal Article
LanguageEnglish
Published United States AIMS Press 2021
Subjects
discounted markov decision processes
dynamic programming
euler equation
fishery model
fishery research
utility functions
dynamic programming
Euler equation
discounted Markov decision processes
utility functions
fishery research
fishery model
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Summary:This work examines aquaculture-related activities in the commercial exploitation of fish reproduction. Fisheries' problem of maximizing utility is modeled for the state of Puebla, Mexico, to determine optimal fish production. The problem of maximizing utility subject to the fish production function is solved using an approach based on Euler's equation. The theoretical results are then applied, using data on aquaculture production and tilapia sales prices in the state of Puebla, Mexico. A logarithmic regression is used to approximate the utility function. The optimal fishing production and utility functions are thus explicitly obtained. Furthermore, this work shows how to obtain greater profits from the amount of fish that can be extracted without reducing the fish population.
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ISSN:1551-0018
1551-0018
DOI:10.3934/mbe.2021028