IDEAS home Printed from https://ideas.repec.org/a/ucp/mresec/doi10.1086-683670.html
   My bibliography  Save this article

Putting Economics into Maximum Economic Yield

Author

Listed:
  • Dale Squires
  • Niels Vestergaard

Abstract

Maximum economic yield (MEY) can be extended along two dimensions beyond the common resource stock externality: (1) the appropriate measurement of costs and benefits and (2) extending MEY beyond the relationship between the harvest sector and the resource stock externality. Only when all economic distortions are accounted for and valued by economic (shadow) prices does MEY actually represent a full economic optimum. Accounting for dynamic technical and allocative efficiency extends MEY beyond the traditional dynamic scale efficiency. When accounting for accumulated and new technology and nonmarket public good benefits from biodiversity and ecosystem services, an open question remains whether the MEY resource stock exceeds, equals, or falls short of the MSY resource stock. Without no-growth, steady-state equilibrium, adaptive management is required using non-autonomous bioeconomic models or continuous updating of autonomous ones.

Suggested Citation

  • Dale Squires & Niels Vestergaard, 2016. "Putting Economics into Maximum Economic Yield," Marine Resource Economics, University of Chicago Press, vol. 31(1), pages 101-116.
    • Handle: RePEc:ucp:mresec:doi:10.1086/683670
    DOI: 10.1086/683670
    as

    Download full text from publisher

    File URL: http://dx.doi.org/10.1086/683670
    Download Restriction: Access to the online full text or PDF requires a subscription.
    File URL: http://dx.doi.org/10.1086/683670
    Download Restriction: Access to the online full text or PDF requires a subscription.
    File URL: https://libkey.io/10.1086/683670?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Bulte, Erwin & Folmer, Henk & Heijman, Wim, 1998. "Dynamic and Static Approaches to Mixed Good Management: The Case of Minke Whales in the Northeast Atlantic," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 25(1), pages 73-91.
    2. Harberger, Arnold C, 1978. "On the Use of Distributional Weights in Social Cost-Benefit Analysis," Journal of Political Economy, University of Chicago Press, vol. 86(2), pages 87-120, April.
    3. Thurman, Walter N. & Easley, J. Jr., 1992. "Valuing changes in commercial fishery harvests: A general equilibrium derived demand analysis," Journal of Environmental Economics and Management, Elsevier, vol. 22(3), pages 226-240, May.
    4. Havice, Elizabeth, 2013. "Rights-based management in the Western and Central Pacific Ocean tuna fishery: Economic and environmental change under the Vessel Day Scheme," Marine Policy, Elsevier, vol. 42(C), pages 259-267.
    5. Dreze, Jean & Stern, Nicholas, 1990. "Policy reform, shadow prices, and market prices," Journal of Public Economics, Elsevier, vol. 42(1), pages 1-45, June.
    6. Barten, A. P. & Bettendorf, L. J., 1989. "Price formation of fish : An application of an inverse demand system," European Economic Review, Elsevier, vol. 33(8), pages 1509-1525, October.
    7. Clark, Colin W & Clarke, Frank H & Munro, Gordon R, 1979. "The Optimal Exploitation of Renewable Resource Stocks: Problems of Irreversible Investment," Econometrica, Econometric Society, vol. 47(1), pages 25-47, January.
    8. Stephen Kasperski, 2015. "Optimal Multi-species Harvesting in Ecologically and Economically Interdependent Fisheries," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 61(4), pages 517-557, August.
    Full references (including those not matched with items on IDEAS)

    Citations

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


    Cited by:

    1. Grafton, R. Quentin & Squires, Dale & Steinshamn, Stein Ivar, 2023. "Towards resilience-based management of marine capture fisheries," Economic Analysis and Policy, Elsevier, vol. 77(C), pages 231-238.
    2. Pascoe, Sean & Hutton, Trevor & Hoshino, Eriko, 2018. "Offsetting Externalities in Estimating MEY in Multispecies Fisheries," Ecological Economics, Elsevier, vol. 146(C), pages 304-311.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Bhattacharyya, Aditi & Kutlu, Levent & Sickles, Robin C., 2018. "Pricing Inputs and Outputs: Market prices versus shadow prices, market power, and welfare analysis," Working Papers 18-009, Rice University, Department of Economics.
    2. Fred Schroyen, 2010. "Operational expressions for the marginal cost of indirect taxation when merit arguments matter," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 17(1), pages 43-51, February.
    3. Mackinnon, John & Reinikka, Ritva, 2000. "Lessons from Uganda on strategies to fight poverty," Policy Research Working Paper Series 2440, The World Bank.
    4. repec:ags:ucdegw:232849 is not listed on IDEAS
    5. Heckman, James, 2001. "Accounting for Heterogeneity, Diversity and General Equilibrium in Evaluating Social Programmes," Economic Journal, Royal Economic Society, vol. 111(475), pages 654-699, November.
    6. Barkley Rosser, J. Jr., 2001. "Complex ecologic-economic dynamics and environmental policy," Ecological Economics, Elsevier, vol. 37(1), pages 23-37, April.
    7. Anonymous & Bosch, Darrell J., 2013. "Table of contents," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 45(01), February.
    8. Fenichel, Eli P. & Horan, Richard D. & Bence, James R., 2010. "Indirect management of invasive species through bio-controls: A bioeconomic model of salmon and alewife in Lake Michigan," Resource and Energy Economics, Elsevier, vol. 32(4), pages 500-518, November.
    9. Martin, Will, 2021. "Tools for measuring the full impacts of agricultural interventions," IFPRI-MCC technical papers 2, International Food Policy Research Institute (IFPRI).
    10. Funk, Matt, 2008. "On the Problem of Sustainable Economic Development: A Theoretical Solution to this Prisoner's Dilemma," MPRA Paper 19025, University Library of Munich, Germany, revised 08 Jun 2008.
    11. Holt, Matthew T., 2002. "Inverse demand systems and choice of functional form," European Economic Review, Elsevier, vol. 46(1), pages 117-142, January.
    12. Hutton, Trevor & Sumaila, Ussif Rashid, 2002. "Natural Resource Accounting And South African Fisheries: A Bio-Economic Assessment Of The West Coast Deep-Sea Hake Fishery With Reference To The Optimal Utilisation And Management Of The Resource," Discussion Papers 18018, University of Pretoria, Center for Environmental Economics and Policy in Africa.
    13. Giancarlo Moschini & Vissa Anuradha, 1993. "Flexible Specification of Mixed Demand Systems," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 75(1), pages 1-9.
    14. Kira Lancker & Julia Bronnmann, 2022. "Substitution Preferences for Fish in Senegal," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 82(4), pages 1015-1045, August.
    15. Jason Shogren, 1998. "A Political Economy in an Ecological Web," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 11(3), pages 557-570, April.
    16. Chisari, Omar O. & Rodríguez-Pardina, Martín, 1998. "Algunos determinantes de la inversión en sectores de infraestructura en la Argentina," Series Históricas 7445, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    17. Moschini, GianCarlo & Vissa, Anuradha, 1992. "A Linear Inverse Demand System," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 17(2), pages 1-9, December.
    18. Elisa BORGHI & Chiara DEL BO & Massimo FLORIO, 2010. "The theory of public enterprise, social welfare and planning: a note," Departmental Working Papers 2010-20, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    19. Bastianin, Andrea & Castelnovo, Paolo & Florio, Massimo, 2018. "Evaluating regulatory reform of network industries: a survey of empirical models based on categorical proxies," Utilities Policy, Elsevier, vol. 55(C), pages 115-128.
    20. Dimitrios Dadakas & Stelios D. Katranidis, 2010. "The Effects of Trade Liberalization in Textiles and Clothing on the Greek Market for Cotton Yarn: A Multi‐Market Analysis," Review of International Economics, Wiley Blackwell, vol. 18(1), pages 138-152, February.
    21. Kverndokk, Snorre & Rose, Adam, 2008. "Equity and Justice in Global Warming Policy," International Review of Environmental and Resource Economics, now publishers, vol. 2(2), pages 135-176, October.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    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:ucp:mresec:doi:10.1086/683670. See general information about how to correct material in RePEc.

    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 bibliographic 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.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Journals Division (email available below). General contact details of provider: https://www.journals.uchicago.edu/MRE .

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

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.