Fisheries management and intergenerational equity

We adapt the classical Schaefer model of fisheries management to take into account intergenerational equity, in the line of Sumaila ([18]) and Sumaila and Walters ([19]). The resulting discount rate then is non-constant, and the planner’s preferences are time inconsistent, so that optimal solutions are not implementable. In the line of Ekeland and Lazrak ([6], [7]) we define Markov subgame perfect equilibria of the underlying sequential game. We characterize equilibrium strategies by a simple relation, and we reach a robust conclusion, namely that, to take into account intergenerational equity, the rate of time preference, δ, should be replace by δ−n, where n is the rate of growth of the human population