ABSTRACT
Excessive harvesting has often been blamed for the drastic decline in certain fisheries as well as for the potential extinction of some fish. As a result, some governments have attempted to regulate fisheries. In this case study, The author presents the standard economic analysis of fisheries and applies the model to the Atlantic striped bass fishery. Both biological and economic objectives in fisheries management are discussed. The common property traits often found in fisheries management are reviewed along with the applications of economic efficiency, the role of stochastic physical processes, and the potential existence of irreversibilities. This chapter surveys the conventional economic theory of fisheries and demonstrates how the theory can be applied to specific policy issues for a certain species, especially the issue of species preservation.
