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Risk and Sustainability: Assessing Fisheries Management Strategies

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Abstract

We develop a theorical framework to assess fisheries management strategies from 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 to represent the trade-offs between the several sustainability objectives. This framework is applied to a Chilean fishery 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 result in a better viability probability than quota-based management.

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Bibliographic Info

Paper provided by Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines in its series ILADES-Georgetown University Working Papers with number inv276.

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Length: 42 pages
Date of creation: Mar 2012
Date of revision:
Handle: RePEc:ila:ilades:inv276

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Keywords: sustainability; risk; fishery economics and management; viability; stochastic.;

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  1. Martinet, Vincent & Thebaud, Olivier & Doyen, Luc, 2007. "Defining viable recovery paths toward sustainable fisheries," Ecological Economics, Elsevier, vol. 64(2), pages 411-422, December.
  2. 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.
  3. Frank Jensen & Niels Vestergaard, 2003. "Prices versus Quantities in Fisheries Models," Land Economics, University of Wisconsin Press, vol. 79(3), pages 415-425.
  4. 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.
  5. 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.
  6. 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.
  7. Sethi, Gautam & Costello, Christopher & Fisher, Anthony C. & Hanemann, W. Michael & Karp, Larry S, 2002. "Fishery management under multiple uncertainty," CUDARE Working Paper Series 929, University of California at Berkeley, Department of Agricultural and Resource Economics and Policy.
  8. 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.
  9. 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.
  10. Singh, Rajesh & Weninger, Quinn & Doyle, Matthew, 2006. "Fisheries management with stock growth uncertainty and costly capital adjustment," Journal of Environmental Economics and Management, Elsevier, vol. 52(2), pages 582-599, September.
  11. Lars Gårn Hansen, 2008. "Prices versus Quantities in Fisheries Models: Comment," Land Economics, University of Wisconsin Press, vol. 84(4), pages 708-711.
  12. 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.
  13. 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.
  14. 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.
  15. 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.
  16. 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.
  17. Martinet, Vincent, 2011. "A characterization of sustainability with indicators," Journal of Environmental Economics and Management, Elsevier, vol. 61(2), pages 183-197, March.
  18. 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.
  19. Tahvonen, Olli, 2009. "Economics of harvesting age-structured fish populations," Journal of Environmental Economics and Management, Elsevier, vol. 58(3), pages 281-299, November.
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