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Optimal-sustainable management of multi-species fisheries: Lessons from a predator-prey model. (English) Zbl 1017.91079

Summary: We consider the meaning of sustainable resource management in multidimensional resources. Based on the principle of intergenerational fairness, we define fisheries management as sustainable if it does not lead to a decline in the net present value of the fishery. If sustainability, or intergenerational fairness, were held as an obligation by fishery managers, then the traditional present-value maximization objective would be constrained. Using numerical solutions to a simple predator-prey model, we explore how the optimal-sustainable management of this fishery would differ from management that seeks to maximize the present value of the benefits. General lessons regarding the meaning of sustainable fishery management are discussed.

MSC:

91B76 Environmental economics (natural resource models, harvesting, pollution, etc.)
91B32 Resource and cost allocation (including fair division, apportionment, etc.)
90C39 Dynamic programming

Software:

NPSOL
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Full Text: DOI

References:

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