Maximizing Profits and Conserving Stocks in the Australian Northern Prawn Fishery
AbstractThe Australian Northern Prawn fishery (NPF) is one of the few that has adopted a dynamic version of a ‘maximum economic yield’ (MEY) target, and, on this basis, the fishery is undergoing a process of substantial stock rebuilding. This paper details the bioeconomic model that is used to provide scientific management advice for the NPF, in terms of the amount of allowable total (and tradable) gear length in the fishery, both in terms of the MEY target and the path to MEY. It combines the stock assessment process for two species of tiger prawns (brown and grooved tiger prawns) with a specification for discounted economic profits, where the harvest function in the profit equation is stock dependent. Results for the NPF show a substantial ‘stock effect’, indicating the importance of conserving fish stocks for profitability. MEY thus occurs at a stock size that is larger than that at which maximum sustainable yield is achieved, leading to a ‘win-win’ situation for both the industry (added profitability) and the environment (larger fish stocks and lower impacts on the rest of the ecosystem). Sensitivity results emphasize this effect by showing that the MEY target is much more sensitive to changes in the price of prawns and the cost of fuel, and far less so to the rate of discount.
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Bibliographic InfoPaper provided by International and Development Economics in its series International and Development Economics Working Papers with number idec08-04.
Length: 22 pages
Date of creation: 2008
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Other versions of this item:
- Tom Kompas & Cathy M. Dichmont & André E. Punt & A. Deng & Tuong Nhu Che & Janet Bishop & Peter Gooday & Yemin Ye & S. Zhou, 2010. "Maximizing profits and conserving stocks in the Australian Northern Prawn Fishery," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 54(3), pages 281-299, 07.
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- Tom Kompas & Tuong Nhu Che & R. Quentin Grafton, 2004.
"Technical efficiency effects of input controls: evidence from Australia's banana prawn fishery,"
Taylor & Francis Journals, vol. 36(15), pages 1631-1641.
- Tom Kompas & Tuong Nhu Che & R. Quentin Grafton, 2003. "Technical efficiency effects of input controls: evidence from Australia's banana prawn fishery," International and Development Economics Working Papers idec03-3, International and Development Economics.
- Tom Kompas & Tuong Nhu Che & R. Quentin Grafton, 2003. "Technical Efficiency Effects of Input Controls: Evidence from Australia's Banana Prawn Fishery," Economics and Environment Network Working Papers 0304, Australian National University, Economics and Environment Network.
- Ahmed, Mahfuzuddin & Boonchuwongse, Pongpat & Dechboon, Waraporn & Squires, Dale, 2007. "Overfishing in the Gulf of Thailand: policy challenges and bioeconomic analysis," Environment and Development Economics, Cambridge University Press, vol. 12(01), pages 145-172, February.
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- Da Rocha, José María & Taboada Antelo, Luis & Gutiérrez Huerta, María José, 2011. "Pulse vs. Optimal Stationary Fishing: The Northern Stock of Hake," DFAEII Working Papers 2011-04, University of the Basque Country - Department of Foundations of Economic Analysis II.
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