Reference Points Based on Dynamic Optimisation: A Versatil Algorithm for Mixed Fishery Management with Bio-economic Agestructured Models
Single-species management objectives may not be consistent within mixed fisheries. They may lead species to unsafe situations, promote discarding of over-quota and/or misreporting of catches. We provide an algorithm for characterising bio-economic reference points for a mixed fishery as the steady-state solution of a dynamic optimal management problem. The optimisation problem takes into account: i) that species are fishing simultaneously in unselective fishing operations and ii)intertemporal discounting and fleet costs to relate reference points to discounted economic profits along optimal trajectories. We illustrate how the algorithm can be implemented by applying it to the European Northern Stock of Hake (Merluccius merluccius), where fleets also capture Northern megrim (Lepidorhombus whiffiagonis) and Northern anglerfish (Lophius piscatorius and Lophius budegassa). We find that optimal mixed management leads to a target reference point that is quite similar to the 2/3 of the Fmsy single-species (hake) target. Mixed management is superior to singlespecies management because it leads the fishery to higher discounted profits with higher long-term SSB for all species. We calculate that the losses due to the use of the Fmsy single-species (hake) target in this mixed fishery account for 11.4% of total discounted profits.
|Date of creation:||2012|
|Date of revision:|
|Contact details of provider:|| Postal: |
Web page: http://www.dfaeii.ehu.es
More information through EDIRC
|Order Information:|| Postal: Dpto. de Fundamentos del Análisis Económico II, = Facultad de CC. Económicas y Empresariales, Universidad del País Vasco, Avda. Lehendakari Aguirre 83, 48015 Bilbao, Spain|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Rognvaldur Hannesson, 1975. "Fishery Dynamics: A North Atlantic Cod Fishery," Canadian Journal of Economics, Canadian Economics Association, vol. 8(2), pages 151-73, May.
- Kulmala, Soile & Laukkanen, Marita & Michielsens, Catherine, 2008.
"Reconciling economic and biological modeling of migratory fish stocks: Optimal management of the Atlantic salmon fishery in the Baltic Sea,"
Elsevier, vol. 64(4), pages 716-728, February.
- Kulmala, Soile & Laukkanen, Marita & Michielsens, Catherine, 2006. "Reconciling Economic and Biological Modeling of Migratory Fish Stocks:Optimal Management of the Atlantic Salmon Fishery in the Baltic Sea," Discussion Papers 11857, MTT Agrifood Research Finland.
- 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.
- 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, 07.
- Hannesson, Rognvaldur, 2007. "Growth accounting in a fishery," Journal of Environmental Economics and Management, Elsevier, vol. 53(3), pages 364-376, May.
- Tahvonen, Olli, 2009. "Economics of harvesting age-structured fish populations," Journal of Environmental Economics and Management, Elsevier, vol. 58(3), pages 281-299, November.
When requesting a correction, please mention this item's handle: RePEc:ehu:dfaeii:8769. 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: (Alcira Macías Redondo)
If references are entirely missing, you can add them using this form.