Fishery Management under Poorly Known Dynamics
Adapting fishing regulations in a highly uncertain environment remains a complex challenge for managers who have to deal with non-linear dynamics of fish population and harvest levels. In this research, a recent method of stochastic control is adapted to a general fishery management problem under multiples sources of uncertainty related to the dynamics of the fish population and the effect of fishing on its growth. The question is about adjusting permanently the management rule or to hold a fixed policy thus avoiding additional noise. The mathematical problem developed here, though oversimplified, represents an original approach to the fishery management issue inspired by the monetary policy challenge of a central bank (Brainard principle). It assumes that Control Variation Increases the level of Uncertainty (namely CVIU approach) under particular conditions, resulting in preferable inaction regions for managers. We specify these conditions to show that the management of a poorly known fishery is still possible by using a CVIU approach.