Abstract
In this paper, we propose and analyse a mathematical model to study the dynamics of an inshore- offshore fishery with taxation as a control instrument. The inshore area is considered as a breeding place having a fixed carrying capacity where fishing is strictly prohibited. Fishing is permitted only in the offshore area after imposing a tax per unit harvested biomass by the regulatory agency in order to control over exploitation. The steady states of the system are determined. The local and global stability of the interior equilibrium are discussed. Taking tax as a control variable, the optimal harvesting policy is formulated and solved by using Pontryagin's maximum principle (1). The results are illustrated with the help of numerical example.
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