The Resource Economics of Pests: the Case of Invasive SpeciesBasharat Pitafi and James Roumasset, University of Hawaii at Manoa Abstract Management of invasive species is modeled as an optimal control problem. The regulating authority sets prevention expenditures with foresight regarding the future costs of controlling the pest population. In addition to the internally optimal steady state, the population can be allowed to reach its maximum level or maintained at a ìrandom pulseî level of zero. Which solution is globally optimal depends on the initial pest population. Conditions contributing to the optimality of one strategy over another are provided as well as conditions governing optimal management before the steady state is reached. |