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, 273-280

Abstract: Analytical results for steady-state values of the biomass that maximises the sum of inter-temporal economic profits (dynamic b MEY ) are derived in terms of a generalised harvesting function. The conditions under which dynamic b MEY exceeds the biomass that maximises the sustained yield (b MSY ) 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 b MSY provides both a sustainable and profitable management target under a wide range of parameter values. Copyright 2010 The Authors. Journal compilation 2010 Australian Agricultural and Resource Economics Society Inc. and Blackwell Publishing Asia Pty Ltd.

Date: 2010
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