On the optimal management of a class of aquatic ecologicaleconomic systems ?
This paper studies aquatic ecologicaleconomic systems such as the Chesapeake Bay. The stability of such ecologicaleconomic systems depends on the successful functioning of a small number of generalist species in a wide range of ecological and economic conditions. We first characterize the persistence of such systems. We then analyze the dynamic and the stochastic aspects of the resource allocation problem faced by the manager of an aquatic ecologicaleconomic system. This manager wishes to allocate his scarce financial resources optimally among economic activities and the maintenance of the generalists species of the aquatic ecologicaleconomic system.
management ecologicaleconomic system natural resources stochastic control