Theoretical model of a new fishery under a simple quota management system

Quota management systems (QMS) have become a popular method in fisheries management. Unfortunately, good data is rarely available for setting robust total allowable catch (TAC) limits. TACs are often set based on previous yields or estimates of natural mortality rates and may be adjusted in response to new data or even political pressures. This paper presents a discrete time, age structured, single species fishery model with dynamic TAC adjustment. The model can be used to explore a range of TAC adjustment strategies in the absence of fishery population data. The model was created in the STELLA modeling software. It is modular and may be extended to support the study of other fisheries, management systems and economic considerations. This paper applies the model to a hypothetical new fishery. Results suggest that TACs may be adjusted rather aggressively based on previous catches to achieve the maximum sustainable yield (MSY) without significant risk to the fishery.