Article
Pulse-fishing and stochastic equilibrium in the multicohort fishery

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Abstract

Pulse-fishing harvesting policies are shown to be optimal for a competitive firm managing a multicohort fishery subject to environmental disturbances. Selective harvesting and non-selective proportional harvesting policies are examined. It is shown that pulse-fishing implies convergence to a unique, invariant probability distribution on cohort biomass levels and environmental disturbances that is independent of the initial state of the system.

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      First, Fmsy is time independent and fishery management strategies are evaluated using time-dependent indicators, usually the net present values of profits. Second, Fmsy is a stationary concept and optimal harvesting in a multi-cohort model may take the form of periodic fishing (Clark, 1976; Spulber, 1983; McCallum, 1988; Tahvonen, 2009). In order to overcome these drawbacks, numerical methods have been implemented to find the optimal fishing mortality trajectory that maximizes the net present profits of a fishery using the Beverton–Holt multi-cohort models (Hannesson, 1975; Horwood, 1987; Bjørndal et al., 2004a; Bjørndal et al., 2004b; Bjørndal and Brasão, 2006).

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      2005, System Dynamics Review
    ∗

    I thank Wayne Shafer for valuable assistance. I also thank Robert Becker and anonymous referees for helpful suggestions. Any remaining errors are my responsibility. The support of the National Science Foundation under Grant No. SES 81-05852 is gratefully acknowledged.

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