A COMPARISON OF THE UTILIZATION OF STOCKS WITH PATCHY DISTRIBUTION AND MIGRATION UNDER OPEN ACCESS AND MARINE RESERVES: AN EXTENDED ANALYSIS

This paper compares the utilization of fisheries that reside is spatially differentiated patches that are interrelated by migration under open access and marine reserves. The purpose is to provide a better understanding of fisheries operation in patches and to study the effects of marine reserves on aggregate stock size, harvest, and fleet size. It is an extension of a model developed by Sanchirico and Wilen (2001), SW. One extension is a detailed analysis of vessel behavior taking into account the distance from port. Another is the introduction of isogrowth curves and bioeconomic equilibrium stock (BES) curves that are used with the concept of the feasible region introduced by SW. The isogrowth curves provide a more transparent analysis of the effect of marine reserves on aggregate harvest. The BES curves allow for a direct analysis of when a bioeconomic equilibrium exists, and if so, whether it is in the interior or on the border of the feasible region. In the latter case, fishing will occur in only one patch, while in the former it will occur in both patches. In addition, the BES curves can be used to show that with more general assumptions, the bioeconomic equilibrium stock size in one patch can be dependent upon the size of the stock in the other. This allows for a richer analysis of the effect of marine reserves on aggregate stock size.