To fish or cut bait?

We consider a simple model where an underlying environment alternates between a “good” and a “bad” state and is only observable when tapped. Considering this as a fishing resource management problem, optimizing fishing actions in the case of a small scale fisher (who does not affect the environment) requires balancing the rewards obtained and information gained from fishing. We consider policies of the form “back off if fish are not biting” and characterize the optimal “back off time” through a probabilistic regenerative analysis.

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