Paper No. 05152 of the Journal of the American Water Resources Association (JAWRA) (Copyright © 2006). Discussions are open until June 1, 2007.
REDUCING THE RISK OF FISHERY RESOURCE DISASTERS: A BIOECONOMIC APPROACH TO SUSTAINABLE RESOURCE MANAGEMENT1
Article first published online: 10 AUG 2007
JAWRA Journal of the American Water Resources Association
Volume 42, Issue 6, pages 1451–1463, December 2006
How to Cite
Levy, J. K., Kilgour, D. M. and Hipel, K. W. (2006), REDUCING THE RISK OF FISHERY RESOURCE DISASTERS: A BIOECONOMIC APPROACH TO SUSTAINABLE RESOURCE MANAGEMENT1. JAWRA Journal of the American Water Resources Association, 42: 1451–1463. doi: 10.1111/j.1752-1688.2006.tb06013.x
- Issue published online: 10 AUG 2007
- Article first published online: 10 AUG 2007
- fisheries management;
- optimal control theory;
- stochastic models;
- risk assessment;
Abstract: Recognition is growing that fisheries must be both ecologically and commercially sustainable. The bioeconomic models proposed herein constitute an analytic framework capable of integrating the ethics and Societal values associated with fisheries preservation. Specifically, we focus on the normalized optimal (equilibrium) fish population, z*, a dimensionless variable representing biomass as a proportion of environmental capacity. We model z* as a function of (a) the dimensionless “bionomic growth ratio”, γ, which is the ratio of the discount rate to the intrinsic population growth rate, and (b) the preservation coefficient, Ω, which is the ratio of the preservation value (a measure of Society's value for the stock) to price, assuming that the population growth rate and intrinsic growth rate are fixed. It is shown that increasing Ω significantly impacts z*, particularly for moderate values of γ (2 γ 4). Finally, stochastic population models are used to analyze the risk of a fish stock collapse due to harvesting pressures. The bioeconomic models and simulations herein described improve the accuracy and reliability of maximum sustainable yield management.