Open AccessOPTIMAL‐SUSTAINABLE MANAGEMENT OF MULTI‐SPECIES FISHERIES: LESSONS FROM A PREDATOR‐PREY MODEL
Author(s) -
WOODWARD RICHARD T.,
BISHOP RICHARD C.
Publication year - 1999
Publication title -
natural resource modeling
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.28
H-Index - 32
eISSN - 1939-7445
pISSN - 0890-8575
DOI - 10.1111/j.1939-7445.1999.tb00017.x
Subject(s) - sustainability , fisheries management , maximization , meaning (existential) , value (mathematics) , predation , business , fishery , obligation , predator , sustainable management , resource (disambiguation) , environmental economics , environmental resource management , economics , ecology , microeconomics , computer science , biology , fishing , political science , psychology , machine learning , psychotherapist , computer network , law
. 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.