Optimal fishery management using dynamic optimization

Abstract

Dynamic Optimization (optimal control) involves the determination of optimal variable profiles and time invariant parameter values that optimize a performance criterion of an underlying differential-algebraic process model. In this project, Dynamic Optimization is applied to simplify mathematical model in fisheries. This is an attempt to produce a mathematically based solution on the globally perceived problem of decrease sea productivity as a result of overfishing and mismanagement of the fishing resources. Logistic Growth Model, Gordon Schaefer and Beverton Holt Model will ve discussed to give understanding in achieving the optimal management in fisheries. To overcome the overfishing and mismanagement problem, Faustmann Formula/Model has been derived and utilize to obtain the optimal rotation period in fisheries. The application of Faustmann Formula will be then presented graphically using MATLAB programming tools to achieve the result. From these findings, we can conclude that the optimal rotation period that we obtained can be adapted in the tropical sea such as Malaysia to overcome the overfishing problem. As a result, Dynamic Optimization generally are very useful to applied in optimal fisheries management.