Modeling the dynamics of regulated resource systems: a fishery example

In this paper, a discrete-time model of regulated fisheries is developed. This class of models is interesting because most modern real-world fisheries are under some kind of regulation. The regulatory part of the fishery in this paper is partitioned into two stages. In the first stage, which is the main focus, total allowable catch quotas (TACs) based on biological and economic considerations are determined in a way that guarantees the safety of the stock from a conservation viewpoint. In addition, we assume that a target biomass level is set by the management authorities to be achieved over a given time horizon to satisfy an economic objective. Since we assume here that the main goal is to rebuild the stock, we propose a gradual approach to the target biomass level via a simple recursive rule.