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Highlights► addresses the socio-economic impacts of aquaculture ► identifies why there is the gap in available knowledge and policies ► identifying the role of framing conditions for aquaculture development ► development of multi-dimensional assessment framework

This paper reviews the bioeconomic literature on habitat-fisheries connections. Many such connections have been explored in the bioeconomic literature; however, missing from the literature is an analysis merging the potential influences of habitat on both fish stocks and fisheries into one general, overarching theoretical model. We attempt to clarify the nature of linkages between the function of habitats and the economic activities they support. More specifically, we identify theoretically the ways that habitat may enter the standard Gordon-Schaefer model, and nest these interactions in the general model. Habitat influences are defined as either biophysical or bioeconomic. Biophysical effects relate to the functional role of habitat in the growth of the fish stock and may be either essential or facultative to the species. Bioeconomic interactions relate to the effect of habitat on fisheries and can be shown through either the harvest function or the profit function. We review how habitat loss can affect stock, effort, and harvest under open access and maximum economic yield managed fisheries.

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Assuming externalities from aquaculture to fisheries, we use a Verhulst-Schaefer model of fish population-dynamics and production, coupled with an aquaculture production model, toinvestigate effects on open-access and rent-maximising fisheries. Externalities are modelled by letting carrying capacity, intrinsic growth rate or catchability coefficient in the fishery depend on aquaculture production. We find that the different externalities can give opposite effects on steady state fishing effort, yield and stock, even for only "negative" externalities.With the catchability externality, increased unit cost of fishing can imply reduced aquaculture production in social optimum, under reasonable assumptions. We also look at allocation between the industries under three different management regimes for coastal areas: 1) Aquaculture has a primary right of use; 2) Optimal management of aquaculture and fishery;3) Fishers have a primary right of use, but may allow marine farming, possibly against payment.