OPTIMAL‐SUSTAINABLE MANAGEMENT OF MULTI‐SPECIES FISHERIES: LESSONS FROM A PREDATOR‐PREY MODEL | Academic Article individual record
abstract

In this paper we consider the meaning of sustainable resource management in multi-dimensional 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. © 1999 Rocky Mountain Mathematics Consortium.

author list (cited authors)
WOODWARD, R. T., & BISHOP, R. C.
publication date
1999
publisher
Wiley Publisher
published in