1. Harvesting selectivity and stochastic recruitment in economic models of age-structured fisheries
- Author
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Olli Tahvonen, Rüdiger Voss, Martin F. Quaas, Economic-ecological optimization group, Helsinki Institute of Sustainability Science (HELSUS), Doctoral Programme in Sustainable Use of Renewable Natural Resources, Doctoral Programme in Interdisciplinary Environmental Sciences, Forest Economics, Business and Society, Environmental and Resource Economics, and Department of Forest Sciences
- Subjects
0106 biological sciences ,Economics and Econometrics ,OPTIMAL ESCAPEMENT ,RENEWABLE RESOURCE ,Maximum sustainable yield ,education ,Population ,Fishing ,Stochastic programming ,UNCERTAINTY ,PRIVATIZATION ,Management, Monitoring, Policy and Law ,01 natural sciences ,GADUS-MORHUA ,LIMITS ,0502 economics and business ,MANAGEMENT ,Economics ,14. Life underwater ,512 Business and Management ,1172 Environmental sciences ,Age-structured models ,education.field_of_study ,Discounting ,Biomass (ecology) ,BALTIC COD ,CAPITAL THEORY ,010604 marine biology & hydrobiology ,05 social sciences ,STOCK STRUCTURE ,MSY ,Fishery ,Optimal harvesting ,Stochastic fishery ,511 Economics ,Economic model ,050202 agricultural economics & policy ,Fisheries management - Abstract
We develop the age-structured fishery model by including endogenous harvesting selectivity and stochastic recruitment, as a growing body of fishery ecological evidence suggests these factors to be critical for fisheries management. Optimal harvesting selectivity aims to direct fishing towards age classes that are preferable to catch given information on fish growth, natural mortality, and recruitment in addition to implications on harvesting cost. We analytically show that maximum sustainable yield (MSY) leads to potentially serious and previously unrecognized deviation from economic optimality, as it neglects the dependence of harvesting costs on gear selectivity. We further show that the steady-state population level may fall below the MSY population even with zero discounting and stock-dependent harvesting costs. We quantify our results using empirical data for Baltic cod. Applying the age-structured model with endogenous harvesting selectivity, we find large differences between maximum sustainable yield and the economic optimum, although the classic biomass model suggests that these differences should be unimportant. Stochastic recruitment implies a threefold increase in young age classes, but the stochastic solution can be accurately approximated by the certainty equivalence principle.
- Published
- 2018