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Harvesting selectivity and stochastic recruitment in economic models of age-structured fisheries
- Source :
- Journal of Environmental Economics and Management. 92:659-676
- Publication Year :
- 2018
- Publisher :
- Elsevier BV, 2018.
-
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.
- 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
Subjects
Details
- ISSN :
- 00950696
- Volume :
- 92
- Database :
- OpenAIRE
- Journal :
- Journal of Environmental Economics and Management
- Accession number :
- edsair.doi.dedup.....0d4d921afae60d48dd82f37eed7a9b43