Recovery of the Eastern Baltic Cod Fishery: Perspectives Revealed through Bioeconomic Modelling

The paper describes the situation of Polish cod fishery in the Baltic Sea and its perspectives in the future. The paper sets up a general model and exemplifies it by simple functional forms taking its offset in the problem of overcapacity in Polish fleet causing lack of profitability of the sector. The viable control approach is used in order to determine dynamic compatibility with defined constraints when making an intertemporal decision regarding the regulations affecting the stock of interest and the economy of the sector. The paper illustrates how the dynamic optimisation methodology can be used to determine the Optimal Economic Intertemporal Path and reveals potential benefits of following it.