Lyon, Kenneth; Pande, Saket - Department of Applied Economics, Utah State University - 2003
In this paper we discuss the costate variable in a stochastic optimal control model of a renewable natural resource …, which we call a fishery. The role of the costate variable in deterministic control models has been discussed extensively in …, there is little discussion of this variable for stochastic models, even though the costate variable has similar roles in the …
