Preference for Landings’ Smoothing and Risk of Collapse in Optimal Fishery Policies: The Ibero-Atlantic Sardine Fishery

Renato Rosa (), João Vaz, Rui Mota and Alexandra Silva
Additional contact information
Renato Rosa: Universidade Nova de Lisboa
João Vaz: Universidade Nova de Lisboa
Rui Mota: Universidade Nova de Lisboa
Alexandra Silva: IPMA—Instituto Português do Mar e da Atmosfera

Environmental & Resource Economics, 2018, vol. 71, issue 4, No 3, 875-895

Abstract: Abstract Several world fish stocks are being explored at unsustainable levels and require management plans to rebuild stock abundance. Defining a management plan is, however, a complex task that entails multidisciplinary work. In fact, while it requires solid scientific knowledge of fish stocks, the inclusion of economic and social objectives is crucial to a successful management implementation. In this paper we develop an age-structured bioeconomic model where the objective function is modified to accommodate preferences from different stakeholders. In particular, we consider important characteristics that a management plan should take into account: profit maximization, fishermen’s preference for reducing landings’ fluctuations and risk of fishery collapse. Modeling preferences for reducing landings’ fluctuations is accomplished by defining a utility function with aversion to intertemporal income fluctuations. Building upon biology literature, we model precautionary concerns by incorporating a probability of collapse that depends on current spawning biomass. We illustrate how this framework is able to assist in the analysis and design of harvest control rules applying it to the Ibero-Atlantic sardine stock.

Keywords: Fishery management; Optimal harvesting; Age-structured model; Stock collapse; Harvest control rules; Bioeconomic model; Multiple objectives (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://link.springer.com/10.1007/s10640-017-0187-7 Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:kap:enreec:v:71:y:2018:i:4:d:10.1007_s10640-017-0187-7

Ordering information: This journal article can be ordered from
http://www.springer. ... al/journal/10640/PS2

DOI: 10.1007/s10640-017-0187-7

Access Statistics for this article

Environmental & Resource Economics is currently edited by Ian J. Bateman

More articles in Environmental & Resource Economics from Springer, European Association of Environmental and Resource Economists Contact information at EDIRC.
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().