Necessary optimality conditions for fractional bioeconomic systems

Abstract

We consider the task of bioeconomic optimal control. The biomass dynamics is given by fractional stochastic differential equation. The discounted multiplicative production function describes net revenue and takes into account elasticity coefficients. Stochastic control problem is converting to non-random one. Necessary optimality conditions with respect to fractional terms are formulated as theorems and present the main result of this paper.