SUSTAINABLE DEVELOPMENT OF EUROPEAN HAKE RESOURCE: BIOECONOMIC PERSPECTIVE.

This paper deals with the surplus production models of Verhulst-Schaefer and Gompertz-Fox that are applied to the European Hake fishery to develop static as well as dynamic frameworks to investigate the sustainability properties of the stock, optimal utilization of the resource and the management of the fishery. To illustrate the approach through which long-run sustainability can achieve an optimum exploitation of the fishery, a conventional economic model is combined with a biological population growth model to develop a deterministic bioeconomic model. The parameters of the bioeconomic model are estimated using empirical data of catch and effort of the European Hake fishery. Standard reference points are analyzed and tax policies are introduced to attain the standard reference points. In order to achieve maximum profit from the fishery, optimal steady state solutions are determined for separate discount rates. [ABSTRACT FROM AUTHOR]