Modeling the dynamics of regulated resource systems : a fishery example

Abstract

In this paper we develop a discrete-time model of jointly managed fisheries. Most modern real world fisheries are shared or jointly exploited and are under some kind of regulation. The regulatory part of the fishery in this paper is partitioned into two stages. In the first stage, which is our main focus, total allowable catch quotas (TACs) based on biological and/or economic considerations are determined in a way that guarantees the safety of the stock from a conservation viewpoint. In addition, we assume that a target biomass level is set by the management authorities to be achieved over a given time horizon to satisfy an economic objective. We propose a gradual approach to the target biomass level via a simple recursive rule.