Economic perspective of marine reserves in fisheries: a bioeconomic model.

The present paper describes a prey-predator type fishery model with prey dispersal in a two-patch environment, one of which is a free fishing zone and other is protected zone. The objective of the paper is to maximize the net economic revenue earn from the fishery through implementing the sustainable properties of the fishery to keep the ecological balance. Biological measures are introduced to increase the understanding of the mechanisms in the bioeconomic system. The importance of marine reserve is analyzed through the obtained results of the numerical simulations of proposed model system. The results depict that reserves will be most effective when coupled with harvesting controls in adjacent fisheries. The paper also incorporates the induced cost and premium from establishing a marine protected area in a fishery. It is found that premium of marine protected area (MPA) increases with the increasing size of the reserve. Results are analyzed with the help of graphical illustrations.