Abstract

This paper describes a single species model, which followed by two stages, a mature and an immature stage. Conditions
for existence of equilibrium points and their stability are discussed. The model in this paper has been developed on the
concept of optimal management of resources based on the criterion of maximization of present values of net economic
revenues. Using the data from the North-East Atlantic cod fishery, the results of the optimal stock, harvest and effort level
are derived. Our simulation results show that optimal harvesting policy is much superior than the MSY policy and optimal
paths always take less time than the suboptimal path to reach the optimal steady state. Our analysis also shows that, if it
is insisted that a closure is take place for one of the two sub-stocks,it will be optimal to reduce fishing on the immature
sub-stock rather than the mature sub-stock.

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