Renewable resource management with environmental prediction

  title={Renewable resource management with environmental prediction},
  author={Christopher Costello and Andrew R. Solow}
Variations in environmental conditions affect renewable resource growth.The ability to predict such variations is improving, providing scope for improved management. We generalize a common stochastic stock recruitment model to explore how optimal management changes with environmental prediction. We obtain three main results. First, while it might seem that a prediction of adverse future conditions should lead to more conservative management, the opposite may be true. Second, optimal management… CONTINUE READING