In order to maintain fisheries sustainable in both biological and economic terms, the institutions that are responsible for the regulation and supervision of fisheries need to set target levels of harvesting. Thus, characterizing the optimal levels of exploitation carries a particular significance in the design of fishery management systems from a policy-making point of view. This paper investigates maximum economic yield (MEY) harvesting strategies for different bio-economic environments to develop a management system that can be implementable in real world fisheries. Fish population dynamics are modeled as a specific type of age-structured models, i.e., overlapping generations (OLG) model. Using this framework, we represent the observed transition path of the whole population and different age classes to a steady state. We also contribute to the modeling studies in the literature, which provide important tools for policy-makers, by revealing how the indicators in the sector (i.e. profits, effort of fleets, optimal harvest rates etc.) respond to the changes in modeling approach and underlying assumptions.
Key words: Bio-economics, Maximum Economic Yield, Fisheries Management, Overlapping Generations.
JEL classiftcation codes: D04, D47, D78, Q22 Article Language: EnglishTurkish
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