Improving Fishery Management Models and Methods.

For nearly six decades, fishery managers and policy makers have used bio-economic models and methods as the foundation for their management schemes. These models and methods are for the most part based on the deductive methodology of economics where central assumptions are the metaphors of "equilibrium" and "bio-economic equilibrium". Models based on equilibrium theories are usually deterministic and static whereas the dynamics of the operations and the markets are a meager part of the problem. Less attention has been offered to inductive reasoning and modeling within the field of fishery management. The inductive method of reasoning is often based on facts and actual observations within the industries, a methodology widely used by engineers and the field of business administration. In this paper, we introduce and integrate the concept of substitutability of economic resources into a traditional bio-economic model. The results show that fishery management, which bases decisions solely on traditional bio-economic models where the dynamics and consequences of the operational decision processes of the industry are ignored, may reach decisions that work in opposition to their intended one. [ABSTRACT FROM AUTHOR]