IDEAS home Printed from
   My bibliography  Save this article

Maximum economic yield


  • Grafton, R. Quentin
  • Kompas, Tom
  • Chu, Long
  • Che, Nhu


Analytical results for steady-state values of the biomass that maximises the sum of inter-temporal economic profits (dynamic bMEY) are derived in terms of a generalised harvesting function. The conditions under which dynamic bMEY exceeds the biomass that maximises the sustained yield (bMSY) are evaluated under a range of conditions including when the discount rate exceeds the intrinsic growth rate, with a variable stock effect, technological change, and from an increase in the cost per unit of effort. The findings show that dynamic bMSY provides both a sustainable and profitable management target under a wide range of parameter values.

Suggested Citation

  • Grafton, R. Quentin & Kompas, Tom & Chu, Long & Che, Nhu, 2010. "Maximum economic yield," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 54(3), September.
  • Handle: RePEc:ags:aareaj:162008

    Download full text from publisher

    File URL:
    Download Restriction: no

    Other versions of this item:

    References listed on IDEAS

    1. Colin W. Clark & Gordon R. Munro & U. Rashid Sumaila, 2010. "Limits to the Privatization of Fishery Resources," Land Economics, University of Wisconsin Press, vol. 86(2), pages 209-218.
    2. Anthony Scott, 1955. "The Fishery: The Objectives of Sole Ownership," Journal of Political Economy, University of Chicago Press, vol. 63, pages 116-116.
    3. H. Scott Gordon, 1954. "The Economic Theory of a Common-Property Resource: The Fishery," Journal of Political Economy, University of Chicago Press, vol. 62, pages 124-124.
    4. Smith, Vernon L, 1969. "On Models of Commercial Fishing," Journal of Political Economy, University of Chicago Press, vol. 77(2), pages 181-198, March/Apr.
    5. Clark, Colin W. & Munro, Gordon R., 1975. "The economics of fishing and modern capital theory: A simplified approach," Journal of Environmental Economics and Management, Elsevier, vol. 2(2), pages 92-106, December.
    Full references (including those not matched with items on IDEAS)


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Long Chu & Tom Kompas, 2014. "Targets and Fisheries Management in the Asia and Pacific Region," Asia and the Pacific Policy Studies, Wiley Blackwell, vol. 1(3), pages 615-622, September.
    2. Da Rocha, José María & Gutiérrez Huerta, María José, 2011. "Lessons from the northern hake long-term management plan: Could the economic assessment have accepted it?," DFAEII Working Papers 2011-01, University of the Basque Country - Department of Foundations of Economic Analysis II.
    3. Caputi, Nick & de Lestang, Simon & Reid, Chris & Hesp, Alex & How, Jason, 2015. "Maximum economic yield of the western rock lobster fishery of Western Australia after moving from effort to quota control," Marine Policy, Elsevier, vol. 51(C), pages 452-464.
    4. Da Rocha, José María & Gutiérrez Huerta, María José & Cerviño, Santiago, 2012. "Reference Points Based on Dynamic Optimisation: A Versatil Algorithm for Mixed Fishery Management with Bio-economic Agestructured Models," DFAEII Working Papers 2012-02, University of the Basque Country - Department of Foundations of Economic Analysis II.
    5. repec:kap:enreec:v:67:y:2017:i:2:d:10.1007_s10640-015-9983-0 is not listed on IDEAS
    6. Da Rocha, José María & Gutiérrez Huerta, María José & Taboada Antelo, Luis, 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.
    7. Thanh Viet Nguyen, 2011. "Sustainable Management of Shrimp Trawl Fishery in Tonkin Gulf, Vietnam," Applied Economics Journal, Kasetsart University, Faculty of Economics, Center for Applied Economic Research, vol. 18(2), pages 65-81, December.
    8. Yamazaki, Satoshi & Jennings, Sarah & Quentin Grafton, R. & Kompas, Tom, 2015. "Are marine reserves and harvest control rules substitutes or complements for rebuilding fisheries?," Resource and Energy Economics, Elsevier, vol. 40(C), pages 1-18.
    9. José-María Da Rocha & María-Jose Gutiérrez & Luis Antelo, 2013. "Selectivity, Pulse Fishing and Endogenous Lifespan in Beverton-Holt Models," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 54(1), pages 139-154, January.
    10. Violaine Tarizzo & Eric Tromeur & Olivier Thébaud & Richard Little & Sarah Jennings & Luc Doyen, 2018. "Risk averse policies foster bio-economic sustainability in mixed fisheries," Cahiers du GREThA 2018-07, Groupe de Recherche en Economie Théorique et Appliquée.
    11. New, Robert, 2012. "Management changes and vessel-level technical efficiency in the Eastern Tuna and Billfish Fishery: a stochastic frontier analysis," 2012 Conference (56th), February 7-10, 2012, Freemantle, Australia 124349, Australian Agricultural and Resource Economics Society.
    12. Christian Mullon & Charles Mullon, 2016. "A constraint-based framework to study rationality, competition and cooperation in fisheries," Papers 1605.08166,, revised Jan 2017.
    13. Parés, Claudio & Dresdner, Jorge & Salgado, Hugo, 2015. "Who should set the total allowable catch? Social preferences and legitimacy in fisheries management institutions," Marine Policy, Elsevier, vol. 54(C), pages 36-43.


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ags:aareaj:162008. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (AgEcon Search). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.