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; Julia M. Touza

doi:10.1016/j.fishres.2015.08.024

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^*, Julia M. Touza

^*Corresponding author for this work

Research output: Contribution to journal › Article › peer-review

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.

Original language	English
Pages (from-to)	282-293
Number of pages	12
Journal	Fisheries research
Volume	173
Issue number	3
Early online date	26 Sept 2015
DOIs	https://doi.org/10.1016/j.fishres.2015.08.024
Publication status	Published - 1 Jan 2016

Bibliographical note

Keywords

Fisheries management
Non-constant discount factor
Optimization in age-structured models
Utility function

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10.1016/j.fishres.2015.08.024

DaRochaetal-FisheriesResearch-WP_DFAEII_7-9-15
© 2015 Elsevier
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Cite this

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Reconciling yield stability with international fisheries agencies precautionary preferences: The role of non constant discount factors in age structured models. / Da-Rocha, José María; García Cutrín, Javier; Gutiérrez, María José et al.
In: Fisheries research, Vol. 173, No. 3, 01.01.2016, p. 282-293.

Research output: Contribution to journal › Article › peer-review

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T1 - Reconciling yield stability with international fisheries agencies precautionary preferences

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AU - Touza, Julia M.

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

Abstract

Bibliographical note

Keywords

Access to Document

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