Bioeconomic Modelling: An Application to the North-East- Atlantic Cod Fishery
2009
Tapan Kumar Kar
<p>This paper describes a single species model, which followed by two stages, a mature and an immature stage. Conditions<br />for existence of equilibrium points and their stability are discussed. The model in this paper has been developed on the<br />concept of optimal management of resources based on the criterion of maximization of present values of net economic<br />revenues. Using the data from the North-East Atlantic cod fishery, the results of the optimal stock, harvest and effort level<br />are derived. Our simulation results show that optimal harvesting policy is much superior than the MSY policy and optimal<br />paths always take less time than the suboptimal path to reach the optimal steady state. Our analysis also shows that, if it<br />is insisted that a closure is take place for one of the two sub-stocks,it will be optimal to reduce fishing on the immature<br />sub-stock rather than the mature sub-stock.</p>
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