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Preference for Landings’ Smoothing and Risk of Collapse in Optimal Fishery Policies: The Ibero-Atlantic Sardine Fishery

Author

Listed:
  • Renato Rosa

    (Universidade Nova de Lisboa
    Universidade Nova de Lisboa)

  • João Vaz

    (Universidade Nova de Lisboa
    University of Wyoming)

  • Rui Mota

    (Universidade Nova de Lisboa)

  • Alexandra Silva

    (IPMA—Instituto Português do Mar e da Atmosfera)

Abstract

Several world fish stocks are being explored at unsustainable levels and require management plans to rebuild stock abundance. Defining a management plan is, however, a complex task that entails multidisciplinary work. In fact, while it requires solid scientific knowledge of fish stocks, the inclusion of economic and social objectives is crucial to a successful management implementation. In this paper we develop an age-structured bioeconomic model where the objective function is modified to accommodate preferences from different stakeholders. In particular, we consider important characteristics that a management plan should take into account: profit maximization, fishermen’s preference for reducing landings’ fluctuations and risk of fishery collapse. Modeling preferences for reducing landings’ fluctuations is accomplished by defining a utility function with aversion to intertemporal income fluctuations. Building upon biology literature, we model precautionary concerns by incorporating a probability of collapse that depends on current spawning biomass. We illustrate how this framework is able to assist in the analysis and design of harvest control rules applying it to the Ibero-Atlantic sardine stock.

Suggested Citation

  • Renato Rosa & João Vaz & Rui Mota & Alexandra Silva, 2018. "Preference for Landings’ Smoothing and Risk of Collapse in Optimal Fishery Policies: The Ibero-Atlantic Sardine Fishery," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 71(4), pages 875-895, December.
    • Handle: RePEc:kap:enreec:v:71:y:2018:i:4:d:10.1007_s10640-017-0187-7
    DOI: 10.1007/s10640-017-0187-7
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    References listed on IDEAS

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    1. Trenkel, Verena M. & Hintzen, Niels T. & Farnsworth, Keith D. & Olesen, Christian & Reid, David & Rindorf, Anna & Shephard, Samuel & Dickey-Collas, Mark, 2015. "Identifying marine pelagic ecosystem management objectives and indicators," Marine Policy, Elsevier, vol. 55(C), pages 23-32.
    2. Ute Kapaun & Martin Quaas, 2013. "Does the Optimal Size of a Fish Stock Increase with Environmental Uncertainties?," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 54(2), pages 293-310, February.
    3. Olli Tahvonen & Martin Quaas & Jörn Schmidt & Rudi Voss, 2013. "Optimal Harvesting of an Age-Structured Schooling Fishery," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 54(1), pages 21-39, January.
    4. Maroto, Jose M. & Moran, Manuel, 2014. "Detecting the presence of depensation in collapsed fisheries: The case of the Northern cod stock," Ecological Economics, Elsevier, vol. 97(C), pages 101-109.
    5. Ward, John M. & Kelly, Michael, 2009. "Measuring management success: Experience with United States fisheries," Marine Policy, Elsevier, vol. 33(1), pages 164-171, January.
    6. Smith, Vernon L, 1969. "On Models of Commercial Fishing," Journal of Political Economy, University of Chicago Press, vol. 77(2), pages 181-198, March/Apr.
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    Cited by:

    1. Lancker, Kira & Fricke, Lorena & Schmidt, Jörn O., 2019. "Assessing the contribution of artisanal fisheries to food security: A bio-economic modeling approach," Food Policy, Elsevier, vol. 87(C), pages 1-1.
    2. Rosa, Renato & Costa, Tiago & Mota, Rui Pedro, 2022. "Incorporating economics into fishery policies: Developing integrated ecological-economics harvest control rules," Ecological Economics, Elsevier, vol. 196(C).

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