Skip to main content
Log in

Optimal fishery policy: An equilibrium solution with irreversible investment

  • Published:
Journal of Mathematical Biology Aims and scope Submit manuscript

Abstract

Optimal fishery policy has been derived using several different models of varying biological realism. Policy has either been assumed to be non-time-varying and static optimization techniques have been applied or dynamic techniques have been used and have in some cases resulted in constant policy. Botsford (1981) showed by applying dynamic optimization techniques to several biologically realistic models (i.e. models that included size structure and either density or food dependent growth and recruitment rates) that the constant policy solution found for simpler, less realistic models was not possible. He concluded that optimal policy was a time-varying, possibly pulse-fishing policy. We show here that when the maximum allowed fishing mortality is low enough a different kind of constant policy is optimal for these realistic models. Interpretation of this condition requires explicit consideration of fixed capital costs in addition to operating costs. Practical considerations indicate that this constant policy would apply only to fisheries with high fixed capital costs.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Institutional subscriptions

Similar content being viewed by others

References

  • Botsford, L. W.: Optimal fishery policy for size-specific, density-dependent population models. J. Math. Biol. 12, 265–293 (1981)

    Google Scholar 

  • Clark, C. W.: Mathematical bioeconomics: The optimal management of renewable resources, p. 352. New York: John Wiley and Sons, Inc. (1976)

    Google Scholar 

  • Clark, C. W., Clarke, F. H., Munro, G. R.: The optimal exploitation of renewable resource stocks: Problems of irreversible investment. Econometrica 47, No. 1 (1979)

    Google Scholar 

  • Clark, C., Edwards, G., Friedlander, M.: Beverton-Holt model of a commercial fishery: Optimal dynamics. J. Fish. Res. Board Can. 30, 1629–1649 (1973)

    Google Scholar 

  • Hannesson, R.: Fishery dynamics: A North Atlantic cod fishery. Can. J. Econ. 8, 151–173 (1975)

    Google Scholar 

  • Ludwig, D., Walters, G.: Measurement errors and uncertainty in parameter estimates for stock and recruitment. Can. J. Fish. Aquat. Sci. 38, 711–720 (1981)

    Google Scholar 

  • Mendelssohn, R.: Using Markov decision models and related techniques for purposes other than simple optimization: analyzing the consequences of policy alternatives on the management of salmon runs. Fish. Bull. U.S. 78(1), 35–50 (1979)

    Google Scholar 

  • Pope, J. G.: An investigation into the effects of variable rates of the exploitation of fishery resources. In: The mathematical theory of the dynamics of biological populations (M. S. Bartlett, R. W. Hiorns, eds.) pp. 347. New York: Academic Press (1973)

    Google Scholar 

  • Walters, C. J.: A generalized computer simulation model for fish population studies. Trans. Amer. Fish. Soc. 98, 505–512 (1969)

    Google Scholar 

Download references

Author information

Authors and Affiliations

Authors

Rights and permissions

Reprints and permissions

About this article

Cite this article

Botsford, L.W., Wainwright, T.C. Optimal fishery policy: An equilibrium solution with irreversible investment. J. Math. Biology 21, 317–327 (1985). https://doi.org/10.1007/BF00276230

Download citation

  • Revised:

  • Issue Date:

  • DOI: https://doi.org/10.1007/BF00276230

Key words

Navigation