Maximum sustainable yield (MSY) and maximum economic yield (MEY) harvesting strategies are
characterized using an overlapping generations (OLG) model of heterogeneous (prey - predator)
fishery. A proper modeling of real-life cycle dynamics of fish is introduced with a commonly used
prey-predator interaction system of equations to create heterogeneity. Prey-predator interaction is
modeled with three different functional forms: prey dependent, predator dependent and ratio
dependent. MSY and MEY harvesting strategies with these three different forms are given under
perfect and imperfect fishing selectivity and presented both numerically and graphically.