Bioeconomic harvesting of a prey-predator fishery

This paper deals with the problem of non-selective harvesting of a prey-predator system by using a reasonable catch-rate function instead of usual catch-per-unit-efforthypothesis. Here both the prey and the predator species obey the law of logistic growth. We have taken the predator functional response to prey density in such a form that each predator's functional response to the prey density approaches a constant as the prey population increases. Boundedness of the exploited system is examined. The existence of its steady states and their stability (local and global) are studied using Eigenvalue analysis. The existence of bionomic equilibria has been illustrated using a numerical example. The problem of determining the optimal harvesting policy is then solved by using Pontryagin's maximum principle.