Exploitation of a single-cohort fishery under risk: A simulation-optimization approach

A numerical approach involving dynamic programming and computer simulation is used to examine the socially optimal exploitation of a single-cohort fishery under risk, with specific reference to the Exmouth Gulf Prawn Fishery in Western Australia. Best management strategies for given investment levels are sought before optimizing investment. The results for this industry show that time of year is much more important then level of biomass in determining best fishing policies, and that the timing of the catch is sensitive to natural fluctuations in some biological variables. Employing a “closed season” policy for part of the year appears an attractive way of reconciling private and social objectives under commonality. Under or overcapitalization does not reduce benefits markedly.