Explore equilibrium situations in a graphical representation of a bioeconomic model
Demonstrations to explore
the different reference
Maximum sustainable yield (MSY)
The Maximum Sustainable Yield (MSY) is an equilibrium situation without any economic interpretation. It maximises harvest production and as such it has relevance for the food supply situation in an area. Biological overfishing is defined by the MSY equilibrium, as overfishing in biological sense occurs at levels of fishing effort beyond the MSY effort.
Open access equilibrium
Economic rent is maximised and maximum economic yield is obtained when the marginal revenue equals marginal cost (including opportunity costs of all input factors in production of fishing effort).
Maximizing present value of all future rents