A bit of modernity yields this: 

(define (project-pop.v1 y r k thetasd t [i 1])
  (cond
    [(= i t) (list y)]
    [else (define theta (flvector-ref (flnormal-sample 0.0 thetasd 1) 0))
          (define y1 (* y (- r (* r (/ y k))) (exp theta)))
          (cons y (project-pop y1 r k thetasd t (+ i 1)))]))

Since this is really a fold, you could also use one of the Racket 
comprehensions to bring across the intent: 

(define (project-pop.v2 y r k thetasd t)
  (define-values (_ l)
    (for/fold ((y y) (l '())) ((i (in-range 0 t 1)))
      (define theta (flvector-ref (flnormal-sample 0.0 thetasd 1) 0))
      (values (* y (- r (* r (/ y k))) (exp theta)) (cons y l))))
  (reverse l))

Given how short these functions are, v1 is just fine. 

Or you could stick to the original R design and write an imperative vector-fill 
function: 

(define (project-pop.v3 y0 r k thetasd t)
  (define y (make-vector t y0))
  (for ((i (in-range 1 t 1)))
    (define theta (flnormal-sample 0.0 thetasd 1))
    (define y@i-1 (vector-ref y (- i 1)))
    (vector-set! y i (* y@i-1 (- r (* r (/ y@i-1 k))) (exp (flvector-ref theta 
0)))))
  y)




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