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Trophic Portfolios In Marine Fisheries: A Step Towards Ecosystem Management

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  • Sanchirico, James N.
  • Smith, Martin D.

Abstract

Marine ecologists warn that humans are "fishing down marine food webs." To explore the economic implications of this phenomenon, this paper applies portfolio theory to aggregate fisheries data. It poses two definitions of a sustainable mean-variance catch frontier. It computes a mean-variance frontier for catch using UNFAO historical fisheries data. Finally, the paper discusses the historical trend in inefficiency.

Suggested Citation

  • Sanchirico, James N. & Smith, Martin D., 2003. "Trophic Portfolios In Marine Fisheries: A Step Towards Ecosystem Management," 2003 Annual meeting, July 27-30, Montreal, Canada 22191, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea03:22191
    DOI: 10.22004/ag.econ.22191
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    References listed on IDEAS

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    1. Andrea Beltratti & Graciela Chichilnisky & Geoffrey Heal, 1993. "Sustainable Growth and the Green Golden Rule," NBER Working Papers 4430, National Bureau of Economic Research, Inc.
    2. Friðrik Már Baldursson & Guðmundur Magnússon, 1997. "Portfolio Fishing," Scandinavian Journal of Economics, Wiley Blackwell, vol. 99(3), pages 389-403, September.
    3. Anonymous, 1950. "Food and Agriculture Organization," International Organization, Cambridge University Press, vol. 4(1), pages 126-128, February.
    4. Anonymous, 1950. "Food and Agriculture Organization," International Organization, Cambridge University Press, vol. 4(3), pages 479-480, August.
    5. Anonymous, 1950. "Food and Agriculture Organization," International Organization, Cambridge University Press, vol. 4(4), pages 671-672, November.
    6. Steven C. Blank, 2001. "Producers get Squeezed up the Farming Food Chain: A Theory of Crop Portfolio Composition and Land Use," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 23(2), pages 404-422.
    7. Anonymous, 1950. "Food and Agriculture Organization," International Organization, Cambridge University Press, vol. 4(2), pages 313-314, May.
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    Cited by:

    1. Martin D. Smith, 2007. "Generating Value in Habitat-Dependent Fisheries: The Importance of Fishery Management Institutions," Land Economics, University of Wisconsin Press, vol. 83(1), pages 59-73.
    2. Sanchirico, James N. & Smith, Martin D. & Lipton, Douglas W., 2008. "An empirical approach to ecosystem-based fishery management," Ecological Economics, Elsevier, vol. 64(3), pages 586-596, January.
    3. Sanchirico, James N. & Smith, Martin D. & Lipton, Douglas W., 2006. "An Approach to Ecosystem-Based Fishery Management," RFF Working Paper Series dp-06-40, Resources for the Future.

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