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- Title
Immediate maximum economic yield; a realistic fisheries economic reference point.
- Authors
Lleonart, Jordi; Merino, Gorka
- Abstract
Lleonart, J., and Merino, G. 2010. Immediate maximum economic yield; a realistic fisheries economic reference point. – ICES Journal of Marine Science, 67: 577–582.Unregulated or poorly managed fisheries tend towards overexploitation, but fisheries rent does not completely dissipate when immediate rent maximization is sought. The principle of immediate economic rent maximization is the basis of the derivation of a classic model and has led to the definition of a relationship in a catch-and-effort diagram termed the dynamic immediate maximum economic yield (DIMEY) curve. For any initial biomass, if the economic rent in the immediate fishing season is maximized, then the fishing effort and catch strategy that follows will be located on the DIMEY curve. The DIMEY curve is not only used for dynamic simulation but also used to identify a new reference point, the immediate maximum economic yield (IMEY), which is proposed as more realistic than the classic open-access solution for unregulated fisheries. IMEY is proposed as an asymptotic outcome for unregulated or poorly managed fisheries when short-term economic objectives drive fleet activities. IMEY properties are described and compared with traditional fisheries reference points in the yield-and-effort diagram. Theoretical conclusions are compared with empirical evidence provided by the red shrimp fishery off Blanes, Spain (NW Mediterranean). Observed catch-and-effort records are plotted and were positively correlated with the DIMEY curve and IMEY.
- Subjects
FISHERY management; FISHERY economics; OVERFISHING; FISHERY laws; WILDLIFE management; AQUATIC resource management
- Publication
ICES Journal of Marine Science / Journal du Conseil, 2010, Vol 67, Issue 3, p577
- ISSN
1054-3139
- Publication type
Article
- DOI
10.1093/icesjms/fsp256