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.
| Original language | English |
|---|---|
| Pages (from-to) | 355-377 |
| Number of pages | 23 |
| Journal | Natural Resource Modeling |
| Volume | 12 |
| Issue number | 3 |
| DOIs | |
| Publication status | Published - Sep 1999 |
| Externally published | Yes |
Keywords
- Dynamic optimization
- Fisheries management
- Sustainability