A Bio-Economic Assessment of the West Coast Deep-Sea Hake Fishery with Referede to the Optimal Utitlization and Management of the Resource.
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The cooperative versus non-cooperative management of the South African west coast hake stock is explored using game theoretic modelling in conjunction with an age-structured model. The age-structured model is used to produce a physical flow account for input into national resource accounts. Between 1989 and 1998, the average catch of hake on the west coast was 92000 tons, most of which was harvested by the demersal trawl sector. The physical flow account indicates that the conservative re-building management strategy pursued for the fishery over the same time period mentioned above, has resulted in a 29% increase in the demersal trawl catch over the last decade. We simulated the effects of alternative quota restrictions on two fishing sectors (the established demersal trawl fleet and the new longline sector) that compete for the rights to fish the stock. The results from the bio-economic analysis (which forms a basis for a monetary flow account as we calculate the Net Present Value of the stock) indicate that the greatest rent can be obtained by allocating a share of the total allowable catch (TAC) to longliners. This share that achieves the greatest benefits approximates the current TAC allocations to each sector under the present conservative management policy implemented by the management authority, assuming one takes into account the uncertainties inherit in a computational exercise like ours. This outcome implies that the current management initiatives by the government are such that they meet the objectives of the new Marine Living Resources Act. That is, the need to achieve optimal utilisation of resources is being adequately implemented....
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