Maximum economic yield

R. Quentin Grafton, Tom Kompas, Long Chu and Nhu Che

Australian Journal of Agricultural and Resource Economics, 2010, vol. 54, issue 3, 8

Abstract: Analytical results for steady-state values of the biomass that maximises the sum of inter-temporal economic profits (dynamic bMEY) are derived in terms of a generalised harvesting function. The conditions under which dynamic bMEY exceeds the biomass that maximises the sustained yield (bMSY) are evaluated under a range of conditions including when the discount rate exceeds the intrinsic growth rate, with a variable stock effect, technological change, and from an increase in the cost per unit of effort. The findings show that dynamic bMSY provides both a sustainable and profitable management target under a wide range of parameter values.

Keywords: Agribusiness; Production Economics (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (22)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:aareaj:162008

DOI: 10.22004/ag.econ.162008

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