• Fisheries;
  • equivalencies;
  • present value of net revenue;
  • present value of utility

Abstract We consider the management of a resource by a sole owner whose utility depends on income and leisure. Income is generated from time spent harvesting the resource and time spent working for a wage in the nonfishing sector. Our analysis produces two results. (i) The sole owner maximizing discounted utility will seek to achieve the same steady-state optimum as a manager seeking to maximize discounted net revenue. (ii) The approach paths to the common steady-state optimum will be the same if the utility function is linear in income and separable in income and leisure. These equivalencies are illustrated in a numerical example.