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Biological reference points (BRPs) in fisheries policy are typically sensitive to stock assessment model assumptions, thus increasing uncertainty in harvest decision-making and potentially blocking adoption of precautionary harvest policies. A collaborative management strategy evaluation approach and closed-loop simulation modelling was used to evaluate expected fishery economic and conservation performance of the sablefish (Anoplopoma fimbria) fishery in British Columbia (Canada), in the presence of uncertainty about BRPs. Comparison of models derived using two precautionary harvest control rules, which each complied with biological conservation objectives and short-term economic objectives given by industry, suggested that both rules were likely to avert biomass decline below limit BRPs, even when stock biomass and production were persistently overestimated by stock assessment models. The slightly less conservative, industry-preferred harvest control rule also avoided short-term economic losses of c. CAN$ 2.7–10 million annually, or 10–50% of current landed value. Distinguishing between the role of BRPs in setting fishery conservation objectives and operational control points that define harvest control rules improved the flexibility of the sablefish management system, and has led to adoption of precautionary management procedures. [ABSTRACT FROM PUBLISHER]