TY - JOUR
T1 - Optimal-sustainable management of multi-species fisheries
T2 - Lessons from a predator-prey model
AU - Woodward, Richard T.
AU - Bishop, Richard C.
PY - 1999/9
Y1 - 1999/9
N2 - 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.
AB - 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.
KW - Dynamic optimization
KW - Fisheries management
KW - Sustainability
UR - http://www.scopus.com/inward/record.url?scp=18144377839&partnerID=8YFLogxK
U2 - 10.1111/j.1939-7445.1999.tb00017.x
DO - 10.1111/j.1939-7445.1999.tb00017.x
M3 - Article
AN - SCOPUS:18144377839
SN - 0890-8575
VL - 12
SP - 355
EP - 377
JO - Natural Resource Modeling
JF - Natural Resource Modeling
IS - 3
ER -