Bioeconomic models of marine recreational fishing

The theory of recreational fishing is developed and conditions are derived for optimal management policy, with special attention given to functional relationships that must be empirically verified. Determinants of the optimal allocation between commercial and recreational fishing effort are derived. The theory is extended to include selected peculiar features of recreational fishing: Some anglers sell their catch; a small proportion of the fishing population accounts for a large proportion of the catch; and anglers throw back a fraction of what they catch. Optimal policies are derived under these more realistic conditions.