Seasonality and growth in the generalized bioeconomic model

Abstract Seasonality is a fundamental environmental feature of many resource industries such as fisheries, and growth can be characterized in different ways. Both seasonality and growth are important to understand and model to support efficient management. The generalized Gordon–Schaefer model for microdata has been promoted with implications for policy and considers the effects of gear and fishing area on productivity. We extend this model with seasonal adjustments and alternative growth specifications. Using trip‐level landing data and satellite tracking of vessels, we apply this model to the Norwegian cod fishery. The model is estimated in two stages: In the first stage, we estimate a production function with season‐, area‐, gear‐, and time‐fixed effects. From this stage, we extract an estimate of stock abundance. In the second stage, we use stock as the dependent variable and estimate several stock growth equations. The estimated stock abundance and maximum sustainable yield, an important policy benchmark, compare well with established stock assessments and related harvest advice. However, growth specifications have substantial impacts on policy implications.