Implications of a nested stochastic/deterministic bio-economic model for a pelagic fishery

Abstract

Use is made of an economically optimal feedback rule to determine optimal levels of exploitation of a pelagic fish species. Data from the southern bluefin tuna fishery for the years 1960 - 1996 are utilised to apply this rule to aggregated deterministic and stochastic models of population dynamics. Comparison of the rule-based results with historical records indicates that over much of the period the fishery was economically overexploited and a harvesting moratorium could have been imposed to improve economic returns from the fishery and to allow stock recovery.