Optimal fishery policy: An equilibrium solution with irreversible investment
type: Item
instance of: scholarly article
title: Optimal fishery policy: An equilibrium solution with irreversible investment
zbMATH Open document ID: 0563.92015
DOI: 10.1007/BF00276230
author: Louis W. Botsford
author: Thomas C. Wainwright
published in: Journal of Mathematical Biology
publication date: 1985-01-01T00:00:00Z
review text: The first author [ibid. 12, 265-293 (1981; Zbl 0469.92010)] 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.
Mathematics Subject Classification ID: 92D25
Mathematics Subject Classification ID: 90B99
Mathematics Subject Classification ID: 92D40
Mathematics Subject Classification ID: 49J30
Mathematics Subject Classification ID: 90C39
zbMATH DE Number: 3898663
zbMATH Keywords: equilibrium solution
zbMATH Keywords: irreversible investment
zbMATH Keywords: age-specific models
zbMATH Keywords: optimal fishery policy
zbMATH Keywords: constant policy
zbMATH Keywords: fixed capital costs
zbMATH Keywords: operating costs
Wikidata QID: Q113909110
MaRDI profile type: Publication
cites work: Optimal fishery policy for size-specific, density-dependent population models
cites work: Q4139908
cites work: The Optimal Exploitation of Renewable Resource Stocks: Problems of Irreversible Investment
full work available at URL: https://doi.org/10.1007/bf00276230
OpenAlex ID: W2085234938
description: scientific article; zbMATH DE number 3898663