Abstract
Real options analysis shows that fishery harvesting becomes more conservative, and catch efficiency is raised, when exploitation is subject to irreversibility, uncertainty, and delay for a cooperative profit-maximizing fleet. With Rock Lobster catch and effort data from Fisheries Victoria of the Department of Natural Resources and Environment in Australia, the options-augmented surplus-yield model is tested and compared with the performance of its conventional profit-maximizing and biological maximum-sustainable-yield counterparts.
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