bioeconomics

In resource economics, bioeconomics studies the dynamics of living resources in using economic models. Bioeconomics leans heavily on mathematical modeling and optimal control theory.Bioeconomics is closely related to the early development of theories in fisheries economics, first of all by the seminal works of two Canadian economists in the mid fifties; Scott Gordon and Anthony Scott (Gordon, 1954; Scott, 1955). Their ideas were not new, but they managed to utilise recent achievements within biological fisheries modelling, first of all the works by Schaefer (1957) on establishing a formal relationship between fishing activities and biological growth through mathematical modelling confirmed by empirical studies. It was no coincidence that these results were achieved in the multidisciplinary fisheries science environment in Canada at the time. Fisheries science and modelling developed rapidly during a productive and innovative period, particularly among Canadian fisheries researchers of different disciplines. Population modelling and fishing mortality were introduced to economists and new interdisciplinary modelling tools became available for the economists, which made it possible at the same time to evaluate biological and economic impacts of different fishing activities, controlled or not by management decisions.
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