Open access fisheries utilization with an endogenous regulatory structure:An expanded analysis

The paper expands the Homans/Wilen model of endogenous fisheries management by providing a more general dynamic formulation, by introducing a disaggre gated vessel level analysis, by comparing three different strategies to ach ieve the target harvest level, and by considering the possibility of politi cal intervention in setting target harvest levels based on the economic con ditions of participants. It is demonstrated that using different regulation s to support the same total harvest program will cause the fishery to behav e differently with respect to the shape of the time path, equilibrium fleet size, season length, vessel daily output level, and in some cases the poss ibility of achieving an equilibrium. Also, political intervention to relax total harvest levels will change the time path and can change the equilibri um.