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Risk and Sustainability: Assessing Fisheries Management Strategies

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Author Info

  • Vincent Martinet
  • Michel De Lara
  • Julio Peña-Torres
  • Héctor Ramírez Cabrera

Abstract

We develop a theoretical framework to assess sheries management strategies from a sustainability perspective, when the bioeconomic dynamics are marked by uncertainty. Using stochastic viability, management strategies are ranked according to their probability to satisfy economic and ecological constraints over time. The proposed framework is useful when it is not possible to define a multiattribute utility function to represent the trade-offs between the several sustainability objectives. This framework is applied to a Chilean shery case-study, faced with El Niño uncertainty. We study the viability of effort and quota strategies, when a minimal catch level and a minimal biomass are required. For realistic sustainability objectives, effort-based management results in a better viability probability than quota-based management.

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File URL: http://economix.fr/pdf/dt/2012/WP_EcoX_2012-11.pdf
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Bibliographic Info

Paper provided by University of Paris West - Nanterre la Défense, EconomiX in its series EconomiX Working Papers with number 2012-11.

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Length: 42 pages
Date of creation: 2012
Date of revision:
Handle: RePEc:drm:wpaper:2012-11

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Web page: http://economix.fr
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Keywords: sustainability; risk; Fishery economics and management; viability; stochastic;

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  1. Patricio Barría & Andrés Goméz-Lobo Echeñique & Julio Peña-Torres, 2007. "ITQ’s in Chile: Measuring the Economic Benefits of Reform," Working Papers wp258, University of Chile, Department of Economics.
  2. Doyle, Matthew & Singh, Rajesh & Weninger, Quinn, 2006. "Fisheries Management with Stock Uncertainty and Costly Capital Adjustment," Staff General Research Papers 12770, Iowa State University, Department of Economics.
  3. Doyen, L. & Thébaud, O. & Béné, C. & Martinet, V. & Gourguet, S. & Bertignac, M. & Fifas, S. & Blanchard, F., 2012. "A stochastic viability approach to ecosystem-based fisheries management," Ecological Economics, Elsevier, vol. 75(C), pages 32-42.
  4. Tahvonen, Olli, 2009. "Economics of harvesting age-structured fish populations," Journal of Environmental Economics and Management, Elsevier, vol. 58(3), pages 281-299, November.
  5. Quiggin, John, 1992. "How to set catch quotas: A note on the superiority of constant effort rules," Journal of Environmental Economics and Management, Elsevier, vol. 22(2), pages 199-203, March.
  6. Danielsson, Asgeir, 2002. "Efficiency of Catch and Effort Quotas in the Presence of Risk," Journal of Environmental Economics and Management, Elsevier, vol. 43(1), pages 20-33, January.
  7. Singh, Rajesh & Weninger, Quinn & Doyle, Matthew, 2006. "Fisheries Management with Stock Growth Uncertainty and Costly Capital Adjustment," Staff General Research Papers 12765, Iowa State University, Department of Economics.
  8. Weitzman, Martin L., 2002. "Landing Fees vs Harvest Quotas with Uncertain Fish Stocks," Journal of Environmental Economics and Management, Elsevier, vol. 43(2), pages 325-338, March.
  9. Sethi, Gautam & Costello, Christopher & Fisher, Anthony & Hanemann, Michael & Karp, Larry, 2005. "Fishery management under multiple uncertainty," Journal of Environmental Economics and Management, Elsevier, vol. 50(2), pages 300-318, September.
  10. Frank Jensen & Niels Vestergaard, 2003. "Prices versus Quantities in Fisheries Models," Land Economics, University of Wisconsin Press, vol. 79(3), pages 415-425.
  11. Richard M. Adams & Stephen Polasky, 1998. "The Value of El Ni�o Forecasts in the Management of Salmon: A Stochastic Dynamic Assessment," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 80(4), pages 765-777.
  12. Clark, Colin W. & Kirkwood, Geoffrey P., 1986. "On uncertain renewable resource stocks: Optimal harvest policies and the value of stock surveys," Journal of Environmental Economics and Management, Elsevier, vol. 13(3), pages 235-244, September.
  13. Vincent Martinet & Olivier Thébaud & Luc Doyen, 2007. "Defining viable recovery path toward sustainable fisheries," Working Papers 19853, Institut National de la Recherche Agronomique, France.
  14. Reed, William J., 1979. "Optimal escapement levels in stochastic and deterministic harvesting models," Journal of Environmental Economics and Management, Elsevier, vol. 6(4), pages 350-363, December.
  15. Hannesson, Rognvaldur & Steinshamn, Stein Ivar, 1991. "How to set catch quotas: Constant effort or constant catch?," Journal of Environmental Economics and Management, Elsevier, vol. 20(1), pages 71-91, January.
  16. Martinet, Vincent, 2011. "A characterization of sustainability with indicators," Journal of Environmental Economics and Management, Elsevier, vol. 61(2), pages 183-197, March.
  17. Nostbakken, Linda, 2006. "Regime switching in a fishery with stochastic stock and price," Journal of Environmental Economics and Management, Elsevier, vol. 51(2), pages 231-241, March.
  18. Lars Gårn Hansen, 2008. "Prices versus Quantities in Fisheries Models: Comment," Land Economics, University of Wisconsin Press, vol. 84(4), pages 708-711.
  19. McGough Bruce & Plantinga Andrew J. & Costello Christopher, 2009. "Optimally Managing a Stochastic Renewable Resource under General Economic Conditions," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 9(1), pages 1-31, December.
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