Economics of biodiversity and sustainable fisheries management
Marine ecosystems are complex, and many marine species are ecologically interdependent. As a result, losing a species could produce a cascading effect on other species. Fishery scientists advocate an ecosystem-based approach to fishery management to meet long-term sustainable goals. This paper models the complex interrelationships among species and the relationship between biomass growth and phenotypic diversity. We found that the equilibrium stock and catch/yield levels are overestimated when the diversity is not accounted for. Consequently, if species are diverse, fishery policy based on a single fishery management could overestimate catch potentials and potentially results in biological overfishing and stock collapse.
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- William Brock & Anastasios Xepapadeas, .
"Valuing Biodiversity from an Economic Perspective: AUnified Economic, Ecological and Genetic Approach,"
0301, University of Crete, Department of Economics.
- William A. Brock & Anastasios Xepapadeas, 2003. "Valuing Biodiversity from an Economic Perspective: A Unified Economic, Ecological, and Genetic Approach," American Economic Review, American Economic Association, vol. 93(5), pages 1597-1614, December.
- Brock,W.A. & Xepapadeas,A., 2003. "Valuing biodiversity from an economic perspective : a unified economic, ecological and genetic approach," Working papers 9, Wisconsin Madison - Social Systems.
- William Brock & Anastasios Xepapadeas, 2001. "Valuing Biodiversity from an Economic Perspective: A Unified Economic, Ecological and Genetic Approach," Working Papers 0102, University of Crete, Department of Economics.
- Brock,W. & Xepapadeas,A., 2001. "Valuing biodiversity from an economic perspective : a unified economic, ecological and genetic approach," Working papers 17, Wisconsin Madison - Social Systems.
- Oliver Fromm, 2000. "Ecological Structure and Functions of Biodiversity as Elements of Its Total Economic Value," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 16(3), pages 303-328, July.
- Heal, Geoffrey, 2004. "Economics of biodiversity: an introduction," Resource and Energy Economics, Elsevier, vol. 26(2), pages 105-114, June.
- Weitzman, Martin L, 1992.
The Quarterly Journal of Economics,
MIT Press, vol. 107(2), pages 363-405, May.
- Weitzman, M.L., 1991. "On Diversity," Harvard Institute of Economic Research Working Papers 1553, Harvard - Institute of Economic Research.
- Weitzman, M.L., 1992. "Diversity Functions," Harvard Institute of Economic Research Working Papers 1610, Harvard - Institute of Economic Research.
- L. Randall Wray & Stephanie Bell, 2004. "Introduction," Chapters, in: Credit and State Theories of Money, chapter 1 Edward Elgar.
- Solow Andrew & Polasky Stephen & Broadus James, 1993. "On the Measurement of Biological Diversity," Journal of Environmental Economics and Management, Elsevier, vol. 24(1), pages 60-68, January.
- Sterner, Thomas, 2007. "Unobserved diversity, depletion and irreversibility The importance of subpopulations for management of cod stocks," Ecological Economics, Elsevier, vol. 61(2-3), pages 566-574, March.
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