Fishery Model

This is a standard Gordon-Schaefer model that simulates a simple open-access fishery in discrete time. A fishery stock grows logistically and is harvested by humans. Fishers always exert too much effort and harvest fish at a level that is socially NOT optimal. This happens because fishers are driven to harvest until their net profit drops down to zero. A socially optimal level of harvesting effort is attained when marginal cost of harvesting effort and marginal revenue from harvesting become equal.

Reference

Clark, C. W. (1990). Mathematical bioeconomics: the optimal management of renewable resources (second edi.). New York: Wiley Interscience.