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Abstract
This paper analyses the management of the Atlantic salmon stocks in the
Baltic Sea through a coalition game in the partition function form. The signs of economic
and biological over-exploitation of these salmon stocks over the last two decades indicate
that cooperation among the harvesting countries, under the European Union's Common
Fisheries Policy, has been superficial. Combining a two-stage game of four asymmetric
players with a comprehensive bioeconomic model, we conclude that cooperation under the
Relative Stability Principle is not a stable outcome. In contrast, the equilibrium of the
game is non-cooperation. The paper also addresses the possibility of enhancing
cooperation through more flexible fishing strategies. The results indicate that partial
cooperation is stable under a specific sharing scheme. It is also shown that substantial
economic benefits could have been realised by reallocating the fishing effort.