Maximum economic yield
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.
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Volume (Year): 54 (2010)
Issue (Month): 3 (07)
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- 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.
- 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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