EE375 Lecture 19e: Gordon-Schaefer Model

Derives the Gordon-Schaefer model for harvest economics by extending the fixed effort harvest model to include an effort-yield curve and curves for total costs and total revenues. Discusses how maximum economic yield in a sustainable harvest should results in a lower harvest (and larger population) than the Maximum Sustainable Yield. Finally, we explore the sensitivity of the model to its economic and ecological parameters.