Bioeconomic Modelling: An Application to the North-East- Atlantic Cod Fishery
This paper describes a single species model, which followed by two stages, a mature and an immature stage. Conditionsfor existence of equilibrium points and their stability are discussed. The model in this paper has been developed on theconcept of optimal management of resources based on the criteri...
| Published in: | Journal of Mathematics Research |
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| Main Author: | |
| Format: | Article in Journal/Newspaper |
| Language: | English |
| Published: |
Canadian Center of Science and Education
2009
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| Subjects: | |
| Online Access: | http://ccsenet.org/journal/index.php/jmr/article/view/164 https://doi.org/10.5539/jmr.v1n2P164 |
| Summary: | This paper describes a single species model, which followed by two stages, a mature and an immature stage. Conditionsfor existence of equilibrium points and their stability are discussed. The model in this paper has been developed on theconcept of optimal management of resources based on the criterion of maximization of present values of net economicrevenues. Using the data from the North-East Atlantic cod fishery, the results of the optimal stock, harvest and effort levelare derived. Our simulation results show that optimal harvesting policy is much superior than the MSY policy and optimalpaths always take less time than the suboptimal path to reach the optimal steady state. Our analysis also shows that, if itis insisted that a closure is take place for one of the two sub-stocks,it will be optimal to reduce fishing on the immaturesub-stock rather than the mature sub-stock. |
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