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Maximum economic yield

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

Abstract

Analytical results for steady-state values of the biomass that maximises the sum of inter-temporal economic profits (dynamic b MEY ) are derived in terms of a generalised harvesting function. The conditions under which dynamic b MEY exceeds the biomass that maximises the sustained yield (b MSY ) 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 b MSY provides both a sustainable and profitable management target under a wide range of parameter values. Copyright 2010 The Authors. Journal compilation 2010 Australian Agricultural and Resource Economics Society Inc. and Blackwell Publishing Asia Pty Ltd.

Suggested Citation

  • R. Quentin Grafton & Tom Kompas & Long Chu & Nhu Che, 2010. "Maximum economic yield," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 54(3), pages 273-280, July.
  • Handle: RePEc:bla:ajarec:v:54:y:2010:i:3:p:273-280
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    File URL: http://hdl.handle.net/10.1111/j.1467-8489.2010.00492.x
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    References listed on IDEAS

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    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. 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.
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    Cited by:

    1. 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.
    2. 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.
    3. 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.
    4. 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.
    5. 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.
    6. Christian Mullon & Charles Mullon, 2016. "A constraint-based framework to study rationality, competition and cooperation in fisheries," Papers 1605.08166, arXiv.org, revised Jan 2017.
    7. 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.
    8. 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.
    9. 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.
    10. repec:kap:enreec:v:67:y:2017:i:2:d:10.1007_s10640-015-9983-0 is not listed on IDEAS
    11. 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.

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