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Abstract

The Gordon-Schaefer Model has been a standard tool in fisheries management for many years. Because the model identifies the maximum sustainable harvest of a given fishery, managers can use it to help ensure the health of the fishery and maximize the revenue obtained by the fishers who participate in it. I contend that including quality in the model as a measure that helps determine price can alter what this equilibrium harvest can look like, and as a result, should be considered when calculating sustainable harvest targets. I demonstrate through a related optimal control problem that by including a quality component in a variable price function, it is possible to change both equilibrium harvest and population size. This finding implies that fishery managers may be able to more finely tune harvest targets and positively affect the viability of the fishery by considering quality differentiation within their fisheries model.

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