In this section, we discuss the optimal management of a renewable resource in the presence of population which is to be adopted by the regulatory agencies to protect the resource and to ensure the survival of the population with a sustainable development. The present value of a continuous time stream of revenues is given bywhere is the instantaneous rate of annual discount. Thus our objective is to
Biological renewable resources, essential to the survival of mankind, are increasingly overexploited by individuals and corporations that often sacrifice long-term economic health and sustainability for short-term gains. Mathematical Bioeconomics: The Mathematics of Conservation, Third Edition analyzes the economic forces underlying these misuses of renewable resources and discusses more effective methods of resource management. Promoting a complete understanding of general principles, the book allows readers to discover how rigorous mathematical models that incorporate both economic and biological factors should replace intuitive arguments for conservation and sustainability.
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