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Maximum economic yield

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  • R. Quentin Grafton
  • Tom Kompas
  • Long Chu
  • Nhu Che

Abstract

Analytical results for steady-state values of the biomass that maximises the sum of inter-temporal economic profits (dynamic b MEY ) are derived in terms of a generalised harvesting function. The conditions under which dynamic b MEY exceeds the biomass that maximises the sustained yield (b MSY ) are evaluated under a range of conditions including when the discount rate exceeds the intrinsic growth rate, with a variable stock effect, technological change, and from an increase in the cost per unit of effort. The findings show that dynamic b MSY provides both a sustainable and profitable management target under a wide range of parameter values. Copyright 2010 The Authors. Journal compilation 2010 Australian Agricultural and Resource Economics Society Inc. and Blackwell Publishing Asia Pty Ltd.

Suggested Citation

  • 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, July.
    • Handle: RePEc:bla:ajarec:v:54:y:2010:i:3:p:273-280
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    1. repec:ehu:dfaeii:8769 is not listed on IDEAS
    2. do Val, J.B.R. & Guillotreau, P. & Vallée, T., 2019. "Fishery management under poorly known dynamics," European Journal of Operational Research, Elsevier, vol. 279(1), pages 242-257.
    3. Diop, Bassirou & Sanz, Nicolas & Duplan, Yves Jamont Junior & Guene, El Hadji Mama & Blanchard, Fabian & Pereau, Jean-Christophe & Doyen, Luc, 2018. "Maximum Economic Yield Fishery Management in the Face of Global Warming," Ecological Economics, Elsevier, vol. 154(C), pages 52-61.
    4. repec:ehu:dfaeii:6406 is not listed on IDEAS
    5. Thanh Viet Nguyen, 2011. "Sustainable Management of Shrimp Trawl Fishery in Tonkin Gulf, Vietnam," Applied Economics Journal, Kasetsart University, Faculty of Economics, Center for Applied Economic Research, vol. 18(2), pages 65-81, December.
    6. Yamazaki, Satoshi & Jennings, Sarah & Quentin Grafton, R. & Kompas, Tom, 2015. "Are marine reserves and harvest control rules substitutes or complements for rebuilding fisheries?," Resource and Energy Economics, Elsevier, vol. 40(C), pages 1-18.
    7. Violaine Tarizzo & Eric Tromeur & Olivier Thébaud & Richard Little & Sarah Jennings & Luc Doyen, 2018. "Risk averse policies foster bio-economic sustainability in mixed fisheries," Cahiers du GREThA (2007-2019) 2018-07, Groupe de Recherche en Economie Théorique et Appliquée (GREThA).
    8. New, Robert, 2012. "Management changes and vessel-level technical efficiency in the Eastern Tuna and Billfish Fishery: a stochastic frontier analysis," 2012 Conference (56th), February 7-10, 2012, Fremantle, Australia 124349, Australian Agricultural and Resource Economics Society.
    9. Christian Mullon & Charles Mullon, 2016. "A constraint-based framework to study rationality, competition and cooperation in fisheries," Papers 1605.08166, arXiv.org, revised Jan 2017.
    10. Parés, Claudio & Dresdner, Jorge & Salgado, Hugo, 2015. "Who should set the total allowable catch? Social preferences and legitimacy in fisheries management institutions," Marine Policy, Elsevier, vol. 54(C), pages 36-43.
    11. Allen, Creina & Day, Garth, 2014. "Does China’s demand boom curb Australian iron ore mining depletion?," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 58(2), April.
    12. Long Chu & Tom Kompas, 2014. "Targets and Fisheries Management in the Asia and Pacific Region," Asia and the Pacific Policy Studies, Wiley Blackwell, vol. 1(3), pages 615-622, September.
    13. repec:ehu:dfaeii:6461 is not listed on IDEAS
    14. Chu, Long & Grafton, R. Quentin & Kompas, Tom, 2022. "Optimisation of economic performance and stock resilience in marine capture fisheries," Economic Analysis and Policy, Elsevier, vol. 76(C), pages 863-875.
    15. Caputi, Nick & de Lestang, Simon & Reid, Chris & Hesp, Alex & How, Jason, 2015. "Maximum economic yield of the western rock lobster fishery of Western Australia after moving from effort to quota control," Marine Policy, Elsevier, vol. 51(C), pages 452-464.
    16. Diana Dijk & Eligius M. T. Hendrix & Rene Haijema & Rolf A. Groeneveld & Ekko C. Ierland, 2017. "An Adjustment Restriction on Fish Quota: Resource Rents, Overcapacity and Recovery of Fish Stock," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 67(2), pages 203-230, June.
    17. Lagarde, A. & Doyen, L. & Ahad-Cissé, A. & Caill-Milly, N. & Gourguet, S. & Pape, O. Le & Macher, C. & Morandeau, G. & Thébaud, O., 2018. "How Does MMEY Mitigate the Bioeconomic Effects of Climate Change for Mixed Fisheries," Ecological Economics, Elsevier, vol. 154(C), pages 317-332.
    18. Tromeur, Eric & Doyen, Luc & Tarizzo, Violaine & Little, L. Richard & Jennings, Sarah & Thébaud, Olivier, 2021. "Risk averse policies foster bio-economic sustainability in mixed fisheries," Ecological Economics, Elsevier, vol. 190(C).
    19. José-María Da Rocha & María-Jose Gutiérrez & Luis Antelo, 2013. "Selectivity, Pulse Fishing and Endogenous Lifespan in Beverton-Holt Models," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 54(1), pages 139-154, January.
    20. Grafton, R. Quentin & Squires, Dale & Steinshamn, Stein Ivar, 2023. "Towards resilience-based management of marine capture fisheries," Economic Analysis and Policy, Elsevier, vol. 77(C), pages 231-238.

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