Restoration of a Depleted Transboundary Fishery Subject to Climate Change: A Dynamic Investment Under Uncertainty with Information Updates
We model the evolution of a trans-boundary marine fishery, which is based on the harvesting of a single “highly-migratory” stock and is beginning to be impacted by regional oceanic-climate changes. The fish-stock’s range will be composed of a number of jurisdictional zones: namely, its intersection with the EEZ of each coastal country for which that intersection is non-trivial. There may also be a zone within international waters of the high seas. We also assume that management of the fishery is vested in a Regional Fishery Management Organization, whose members are countries that are “direct stakeholders” in the fishery—being either one of the above countries with jurisdictional authority in a zone or a country that has registered fishing vessels that are licensed to harvest in the fishery, or both.