Pulse Fishing and Stochastic Equilibrium in the Multicohort Fishery

Pulse-fishing harvesting policies are shown to be optimal for a competitive firm managing a multicohort fishery subject to environmental disturbances. Selective harvesting and non-selective proportional harvesting policies are examined. It is shown that pulse-fishing implies convergence to a unique, invariant probability distribution on cohort biomass levels and environmental disturbances that is independent of the initial state of the system.