Toward a Complete Economic Theory of the Utilization and Management of Recreational Fisheries

A model of individual behavior for recreational fisheries which considers both the participation decision and the activity level decision is developed. The model also distinguishes between the catch rate, which is a biologically determined parameter, and the landings rate, which is a control variable. Individual and fisherywide equilibria under open access are described for both homogeneous and heterogeneous participants. Optimal utilization is also described. Optimal utilization differs from open access in terms of activity levels of participants and number and type of participants. Regulations to achieve optimal utilization are described.