Spatial and seasonal equilibrium harvesting in quota-managed multispecies fisheries

We introduce an ecological-economic model of a spatially and temporally heterogeneous multiple-species fishery. The fishery is regulated with individual transferable fishing quotas that cap landings of individual species during a regulatory cycle, or fishing season. Quotas are neither spatially nor temporally (within-season) delineated and, therefore, fishermen choose where and when to harvest fish. We derive a rational expectation equilibrium for the spatial-temporal harvests, landings, discards, and capital allocations over a representative season. Our results characterize a complex mapping from initial ecological-economic conditions, i.e., stock abundance, prices, technology, and regulations, to outcomes of management interest, e.g., spatial-temporal fishing mortality and resource rent generation. The results offer advice for resource managers for setting multiple-species quotas that effectively meet management goals in complex but realistic ecological-economic systems.