On the Benefits of Including Age-structure in Harvest Control Rules

José María Da Rocha and Rosa Mato Amboage

No 1988-088X, DFAEII Working Papers from University of the Basque Country - Department of Foundations of Economic Analysis II

Abstract: This paper explores the benefits of including age-structure in the control rule (HCR) when decision makers regard their (age-structured) models as approximations. We find that introducing age structure into the HCR reduces both the volatility of the spawning biomass and the yield. Although at a fairly imprecise level the benefits are lower, there are still major advantages for actual assessment precision of the case study. Moreover, we find that when age-structure is included in the HCR the relative ranking of different policies in terms of variance in biomass and yield does not differ. These results are shown both theoretically and numerically by applying the model to the Southern Hake fishery.

Keywords: management strategy evaluation; harvest control rules; reference points; robustness; risk (search for similar items in EconPapers)
Date: 2014-08-27
New Economics Papers: this item is included in nep-agr
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Dpto. de Fundamentos del Análisis Económico II, = Facultad de CC. Económicas y Empresariales, Universidad del País Vasco, Avda. Lehendakari Aguirre 83, 48015 Bilbao, Spain

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