Bioeconomic Model
Our team built a bioeconomic model in order to quantitatively evaluate our strategies. The model is based on the Gordon-Schaefer Surplus Model and calculates the impact our strategies would have on our three metrics - hake biomass, fisher income, and investor return.
The model is structured around our three metrics and utilizes the following equations:
The model is structured around our three metrics and utilizes the following equations:
Of our three primary strategies, the Buyback and Quota Leasing strategy and the Caleta Certification strategy lend themselves to quantitative evaluation using the model. Modeling the National Fish Market strategy was considered to require a large amount of considerations beyond the scope of this project. Due to this, we evaluated the Clean Alternative Fish Market strategy qualitatively and, used the model to evaluate the Buyback and Quota Leasing and Caleta Certification strategies quantitatively.
To this day, we have evaluated the Buyback and Quota Leasing strategy, and the Caleta Certification Strategy, and generated predictions on how this strategies will impact biomass, fishers income, and investor return.
To this day, we have evaluated the Buyback and Quota Leasing strategy, and the Caleta Certification Strategy, and generated predictions on how this strategies will impact biomass, fishers income, and investor return.