Bioeconomic Modelling: An Application to the North-East- Atlantic Cod Fishery

• Main Authors: T. K. Kar (corresponding, Saroj Kumar Chattopadhyay
• Other Authors: The Pennsylvania State University CiteSeerX Archives
• Format: Text
• Language: English
• Subjects: Harvesting; Stage-structured; Global stability; MSY; Economic rent; atlantic cod; North East Atlantic
• Online Access: http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.656.8434; http://ccsenet.org/journal/index.php/jmr/article/download/164/3396/

This paper describes a single species model, which followed by two stages, a mature and an immature stage. Conditions for existence of equilibrium points and their stability are discussed. The model in this paper has been developed on the concept of optimal management of resources based on the criterion of maximization of present values of net economic revenues. Using the data from the North-East Atlantic cod fishery, the results of the optimal stock, harvest and effort level are derived. Our simulation results show that optimal harvesting policy is much superior than the MSY policy and optimal paths always take less time than the suboptimal path to reach the optimal steady state. Our analysis also shows that, if it 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 sub-stock rather than the mature sub-stock.