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Risk and Sustainability: Assessing Fisheries Management Strategies

We develop a theorical framework to assess fisheries management strategies from sustainability perspective, when the bioeconomic dynamics are marked by uncertainty. Using stochastic viability, management strategies are ranked according to their probability to satisfy economic and ecological constraints over time. The proposed framework is useful to represent the trade-offs between the several sustainability objectives. This framework is applied to a Chilean fishery case-study, faced with El Niño uncertainty. We study the viability of effort and quota strategies, when a minimal catch level and a minimal biomass are required. For realistic sustainability objectives, effort-based management result in a better viability probability than quota-based management.

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Paper provided by Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines in its series ILADES-Georgetown University Working Papers with number inv276.

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Length: 42 pages
Date of creation: Mar 2012
Date of revision:
Handle: RePEc:ila:ilades:inv276
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  1. Doyle, Matthew & Singh, Rajesh & Weninger, Quinn, 2006. "Fisheries Management with Stock Uncertainty and Costly Capital Adjustment," Staff General Research Papers 12770, Iowa State University, Department of Economics.
  2. Patricio Barría & Andrés Goméz-Lobo Echeñique & Julio Peña-Torres, 2007. "ITQ’s in Chile: Measuring the Economic Benefits of Reform," Working Papers wp258, University of Chile, Department of Economics.
  3. Luc Doyen & Olivier Thébaud & Christophe Béné & Vincent Martinet & Sophie Gourguet & Michel Bertignac & Spyros Fifas & Fabian Blanchard, 2012. "A stochastic viability approach to ecosystem-based fisheries management," Working Papers 48437, Institut National de la Recherche Agronomique, France.
  4. Clark, Colin W. & Kirkwood, Geoffrey P., 1986. "On uncertain renewable resource stocks: Optimal harvest policies and the value of stock surveys," Journal of Environmental Economics and Management, Elsevier, vol. 13(3), pages 235-244, September.
  5. Lars Gårn Hansen, 2008. "Prices versus Quantities in Fisheries Models: Comment," Land Economics, University of Wisconsin Press, vol. 84(4), pages 708-711.
  6. Sethi, Gautam & Costello, Christopher & Fisher, Anthony & Hanemann, Michael & Karp, Larry, 2005. "Fishery management under multiple uncertainty," Journal of Environmental Economics and Management, Elsevier, vol. 50(2), pages 300-318, September.
  7. Quiggin, John, 1992. "How to set catch quotas: A note on the superiority of constant effort rules," Journal of Environmental Economics and Management, Elsevier, vol. 22(2), pages 199-203, March.
  8. Weitzman, Martin L., 2002. "Landing Fees vs Harvest Quotas with Uncertain Fish Stocks," Journal of Environmental Economics and Management, Elsevier, vol. 43(2), pages 325-338, March.
  9. McGough Bruce & Plantinga Andrew J. & Costello Christopher, 2009. "Optimally Managing a Stochastic Renewable Resource under General Economic Conditions," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 9(1), pages 1-31, December.
  10. Nostbakken, Linda, 2006. "Regime switching in a fishery with stochastic stock and price," Journal of Environmental Economics and Management, Elsevier, vol. 51(2), pages 231-241, March.
  11. Tahvonen, Olli, 2009. "Economics of harvesting age-structured fish populations," Journal of Environmental Economics and Management, Elsevier, vol. 58(3), pages 281-299, November.
  12. Vincent Martinet & Olivier Thébaud & Luc Doyen, 2007. "Defining viable recovery path toward sustainable fisheries," Working Papers 19853, Institut National de la Recherche Agronomique, France.
  13. Hannesson, Rognvaldur & Steinshamn, Stein Ivar, 1991. "How to set catch quotas: Constant effort or constant catch?," Journal of Environmental Economics and Management, Elsevier, vol. 20(1), pages 71-91, January.
  14. Reed, William J., 1979. "Optimal escapement levels in stochastic and deterministic harvesting models," Journal of Environmental Economics and Management, Elsevier, vol. 6(4), pages 350-363, December.
  15. Singh, Rajesh & Weninger, Quinn & Doyle, Matthew, 2006. "Fisheries management with stock growth uncertainty and costly capital adjustment," Journal of Environmental Economics and Management, Elsevier, vol. 52(2), pages 582-599, September.
  16. Danielsson, Asgeir, 2002. "Efficiency of Catch and Effort Quotas in the Presence of Risk," Journal of Environmental Economics and Management, Elsevier, vol. 43(1), pages 20-33, January.
  17. Frank Jensen & Niels Vestergaard, 2003. "Prices versus Quantities in Fisheries Models," Land Economics, University of Wisconsin Press, vol. 79(3), pages 415-425.
  18. Martinet, Vincent, 2011. "A characterization of sustainability with indicators," Journal of Environmental Economics and Management, Elsevier, vol. 61(2), pages 183-197, March.
  19. Richard M. Adams & Stephen Polasky, 1998. "The Value of El Ni�o Forecasts in the Management of Salmon: A Stochastic Dynamic Assessment," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 80(4), pages 765-777.
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