A Bioeconomic Analysis of the Sandfish ( Arctoscopus japonicus ) Management Policies of the Eastern Sea Danish Fishery in Korea

Ji-Hoon Choi, Jae-Bong Lee, Sang-Chul Yoon and Do-Hoon Kim
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Ji-Hoon Choi: Fisheries Resources Research Division, National Institute of Fisheries Science, Busan 46083, Korea
Jae-Bong Lee: Embassy of the Republic of Korea in Oriental Republic of Uruguay, Montevideo 11300, Uruguay
Sang-Chul Yoon: Fisheries Resources Research Division, National Institute of Fisheries Science, Busan 46083, Korea
Do-Hoon Kim: Department of Marine & Fisheries Business and Economics, Pukyong National University, Busan 48513, Korea

Sustainability, 2021, vol. 13, issue 14, 1-14

Abstract: Before implementing resource management measures, it is essential to establish the goals of fisheries resource management by assessing the current biomass status and the level of fishing effort. This study aims to compare surplus production models, i.e., process-error and state-space models, based on how they fit the observed data. The effects of the Sandfish Stock Rebuilding Plan are analyzed using a bioeconomic model. The analytical results show that the least error is between the estimated and observed catch per unit effort using the state-space model. Therefore, the analysis results obtained using the state-space model are considered as the most reliable. The total allowable catch for Korean sandfish is set at 2196 tons per year. However, if we increase the current management regulation standard for available annual catch by 50%, the sandfish resource could be depleted. Furthermore, NPV decreased to 172,599 thousand won after ten years, in 2029. Therefore, a recommendation of this study is that when management policies for sandfish stock prioritize recovery, this would facilitate fisheries rebuilding.

Keywords: process-error model; state-space model; stock assessment; total allowable catch; maximum sustainable yield (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2021
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