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Optimisation of economic performance and stock resilience in marine capture fisheries

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  • Chu, Long
  • Grafton, R. Quentin
  • Kompas, Tom

Abstract

Overfishing and environmental factors, such as climate change, pose critical threats to marine fisheries worldwide by reducing net economic returns and stock resilience. These threats increase the risk that Sustainable Development Goal #14 (Conserve and sustainably use the oceans, seas, and marine resources for sustainable development) will not be achieved by 2030. In response to these global livelihood and sustainability challenges, we developed an analytical framework calibrated to an actual fishery in the Torres Strait (Australia) to evaluate harvest control rules in relation to both economic objectives and stock resilience, as measured by robustness and recovery time. Our results showed that the Dynamic Maximum Economic Yield harvest control rule for this fishery generated both a larger expected net economic surplus and greater resilience than alternative and widely used Maximum Sustained Yield harvest control rules. Our analytical framework could be applied in other fisheries where data are available and offers the possibility of improved economic performance and resilience of marine capture fisheries.

Suggested Citation

  • 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.
    • Handle: RePEc:eee:ecanpo:v:76:y:2022:i:c:p:863-875
    DOI: 10.1016/j.eap.2022.09.016
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    References listed on IDEAS

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    Cited by:

    1. Natali, F. & Toraldo, G. & Giannino, F. & Cicia, G. & Branca, G., 2024. "Policy management of the Italian small pelagic fishery in the Adriatic Sea: A dynamic maximum economic yield approach," Ecological Economics, Elsevier, vol. 224(C).
    2. 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.
    3. Hidekazu Yoshioka, 2023. "Optimal Aquaculture Planning While Accounting for the Size Spectrum," SN Operations Research Forum, Springer, vol. 4(3), pages 1-34, September.

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    More about this item

    Keywords

    Critical stock limit; Fishery closure; Overfishing; Sand Fish; Sea Cucumber; Robustness; Recovery time; Stock target;
    All these keywords.

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery
    • Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics

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