Dynamic Modeling of the Eastern Gulf of Mexico Shrimp Fishery

The impact of alternative management schemes on the shrimp fishery of the eastern Gulf of Mexico is analyzed and compared to a baseline using simulation techniques. The fishery's biological and economic functions are modeled including intraseasonal shrimp growth rates, differences in demand for shrimp by site, and a heterogenous fishing fleet. Using consumer and producer surplus techniques, new fishing regulations appear socially optimal compared to the baseline. A rent-maximization scheme increases social surplus to its highest level. However, applying such a scheme to one part of the total Gulf of Mexico shrimp fishery is not recommended