Reconciling yield stability with international fisheries agencies precautionary preferences: the role of non constant discount factors in age structured models

José María Da Rocha, Javier García-Cutrín, María José Gutiérrez Huerta and Julia Touza

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

Abstract: International fisheries agencies recommend exploitation paths that satisfy two features. First, for precautionary reasons exploitation paths should avoid high fishing mortality in those fisheries where the biomass is depleted to a degree that jeopardise the stock's capacity to produce the Maximum Sustainable Yield (MSY). Second, for economic and social reasons, captures should be as stable (smooth) as possible over time. In this article we show that a conflict between these two interests may occur when seeking for optimal exploitation paths using age structured bioeconomic approach. Our results show that this conflict be overtaken by using non constant discount factors that value future stocks considering their relative intertemporal scarcity.

Keywords: fisheries management; optimization in age-structured models; non-constant discount factor; utility function (search for similar items in EconPapers)
Date: 2015
New Economics Papers: this item is included in nep-upt
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Citations: View citations in EconPapers (2)

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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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