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REM621 Topic 13: Economics of Fisheries

REM621 Topic 13: Economics of Fisheries. K. MSY. GROWTH or SUSTAINABLE YIELD (t/yr). POPULATION (stock size). Time. STOCK SIZE. Carrying Capacity (K). Fig. The logistic curve (left) and the Shaefer curve (right), showing the formulation of MSY from basic ecological considerations.

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REM621 Topic 13: Economics of Fisheries

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  1. REM621Topic 13: Economics of Fisheries

  2. K MSY GROWTH or SUSTAINABLE YIELD (t/yr) POPULATION (stock size) Time STOCK SIZE Carrying Capacity (K) Fig. The logistic curve (left) and the Shaefer curve (right), showing the formulation of MSY from basic ecological considerations

  3. Total Cost MSY MEY Revenues and Cost Total Revenues YIELD Max. Rents OVER- HARVEST E1 Emsy E2 Emax HARVESTING EFFORT increasing stock HARVESTING EFFORT Left - Formulation of MSY in practical resource management, based on catch per unit effort (yield per harvesting effort) considerations. Right - Resource rents in an open-access fishery and the formulation of the maximum economic yield (MEY)

  4. Total Cost Average Revenue MEY $ per unit of effort (E) Revenues and Cost Total Revenues Average = Marginal Cost Max. Rent Max. Rent Marginal Revenue E1 E2 E1 Emsy E2 Emax HARVESTING EFFORT HARVESTING EFFORT Left - Resource rent in an open-access fishery and the formulation of the maximum economic yield (MEY) using the total concept Right - Resource rent in an open-access fishery and the formulation of the maximum economic yield (MEY) using the marginal concept

  5. Optimal Management Example in the Fishery • Harvest 100 t of fish at $100/t; discount rate is 10%, biological growth rate • is 3%; rent is growing at 5%; ignore costs B. Discount rate is 6% Source: Hanley et al. 2001

  6. Global Catches of Whales, 1910-87 Source: Unpublished figures from the Bureau of International Whaling Statistics

  7. Objectives of Management in the Fishery • Maximum sustainable yield (MSY) • Maximum economic yield (MEY) • An alternative: Optimal sustainable yield (OSY) • proposed by Charles (1994) • overall contribution to ecosystem • social/community vs. rent tradeoffs • consider financial/institutional aspects

  8. Instruments for Regulation • Licensing • Individual tradable quota (ITQs) • Resource taxes • Fish price controls • Others (technology standards, seasonal limits, size limits, quotas/catch limits) • Alternatives? e.g. fisheries coops in Mexico/Japan vs. large marine ecosystems (LMEs), marine protected areas (MPAs)

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