In this paper, a three-country dynamic bio-economic simulation model is presented for the spring-spawning herring fishery. The international spring-spawning herring fishery, based on potentially one of the most valuable fish stocks in the world, is currently recovering from a severe depletion of...

International agreements are necessary for exclusion of non-cooperative behavior. We parameterized an age-structured model for the North Sea herring fishery. The reference points of the current harvest control rule operationalize the precautionary approach. Applying the precautionary approach by...

The paper argues that a Cobb-Douglas specification may be a reasonable description of the Finnish aggregate production function when a sufficiently long time period (the 20th century) is considered. It is, however, a misleading description of the production technology for the post-WWII period....