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Gordon-Schaefer Model ... The Gordon-Schaefer Model is the center of Bioeconomics.
It is around around 3 primary scenarios.
1. Monopoly 2. Maximum Sustainable Yield(Biological Optimum) 3. Open Access
1. Monopoly
Monopolists set Marginal Revenue = Marginal Cost as the point of production.
For a Biological population this means that they will collect below the optimal biological yield for their level of effort. This is where the slope of effort line VX as V is a parameter of effort is equal to the slope of the Parabola F(x). Which is to the left of the MSY(see below)
2. Maximum Sustainable Yield(MSY)(Biological Optimum) The MSY is the largest amount of biomass that can be collected constantly for infinite periods. This does not take into account the economics of fisheries when setting a level of production for a fishery. This is at the maximum where the rate of biomass growth is the greatest/unit of biomass.
3. Open Access Open Access is the competitive market. In the competitive market the production point is found where F(x) = VX , this is the same principle as in competitive economics Price = Marginal Cost.
References
[edit]The Optimal Management of Transboundary Renewable Resources Gordon R. Munro The Canadian Journal of Economics / Revue canadienne d'Economique Vol. 12, No. 3 (Aug., 1979), pp. 355-376 (article consists of 22 pages) Published by: Blackwell Publishing on behalf of the Canadian Economics Association Stable URL: http://www.jstor.org/stable/134727
Shah, M. A. and Sharma, U. (2003), Optimal harvesting policies for a generalized Gordon–Schaefer model in randomly varying environment. Applied Stochastic Models in Business and Industry, 19: 43–49. doi: 10.1002/asmb.490