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Explain and support graphically that in case of a renewable resource use, open access optimum will...

Explain and support graphically that in case of a renewable resource use, open access optimum will most likely yield an extraction level higher than the maximum sustainable yield. Also discuss possible solutions to achieve sustainable yield.

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Answer #1

Let us say fishing is a common access resource. Fishing is done in open waters. Let us take an example of fishermen and kilograms of fish that thy catch.

Till 3 fishermen, catch is average of 4 kg. After that it decreases with increase in each number of fisherman. After highest of 18 kilograms, the total catch also decreases. This shows how open access will most likely yield an extraction level higher than the maximum sustainable yield of 18 Kgs. Points to the right indicate unsustainable use.

This is happening because fishing is open to all. solutions to this problem are:

1. Legislation: a. restrictions regarding fishing seasons and fishing areas.

b. issuing licence or permits for fishing activities.

c. Prohibiting fishing during fertile season.

2. Taxes on fishing: This will increase the cost of fishing and fishermen may find other alternatives.

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