BIO-ECONOMIC EQUILIBRIUM

The simultaneous biological and economic equilibrium in a fishery. In a single stock model, the biological equilibrium condition is that the rate of change of the stock be zero. The economic equilibrium condition is that there be no change in fishing effort. The driving force of effort is profit (or loss). In an open access fishery, the bio-economic equilibrium is given at an effort level where profit is zero and total fishing cost is equal to total revenue. Hanesson (1993)