Optimal Controls for a Single Species Fishery and the Economic Value of Research

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Abstract
Mathematical proofs and analyses of solution methods are presented for determining optimal policies for the management of a single species fishery under equilibrium conditions. Previous intuitive arguments for solution of optimal policies controlling mesh size and fishing rate given complete information are explicitly proven. The analysis is extended to the case where some of the parameters describing the dynamics of the population are known only imprecisely to the manager. Using probability distributions for those unknown parameter values the problem is cast as a stochastic program where expected sustained net revenues from the fishery are maximized. The associated problem of optimal allocation of research resources under uncertainty conditions is considered by evaluating the direct value of such information to management activities.Examples and algorithms are presented for the class of problems discussed.

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