Abstract:
In this paper, a three-country dynamic bio-economic model is presented and used to simulate catch levels, stock
size and profit potential of alternative management strategies for the Norwegian spring-spawning herring fishery. Management
of the herring fishery is complicated by the migratory behaviour of the species moving between coastal state zones and
the high seas. The biological model is described by a discrete time age structured model and the economic model is described
by a rent maximising model with constant price of herring and different costs of harvesting and efficiency levels for the different
national fleets. The simulations are carried out over a 70-year period and show that the benefits of international cooperation
far exceed the returns of a competitive open access fishery.
