Abstract for: A system dynamics approach to assess the impact of policy changes in the Icelandic demersal fishery
Seafood is of great importance in the Icelandic economy and in 2010 the fisheries sector and related industries contributed 26% to GDP. The main stocks in Icelandic waters are controlled with individual transferable quotas. Permanent quota shares in the Icelandic demersal fisheries are allocated into two segments the so-called large ITQ-system that applies to all species and all vessels are eligible in the system which accounts for approximately 83% of total demersal catchers. The other segment, which is the case study presented in this paper, is the small boat hook system where only vessels smaller than 15 gross tons and use longline or hand line as fishing gear and accounts for about 15% of total catchers. In this paper we show how the system dynamics approach is used to model an simulate changes in the management of the fisheries and the impact of these changes on chosen performance indicators.