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 journalArticlepeer-review


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 languageEnglish
Pages (from-to)282-293
Number of pages12
JournalFisheries research
Issue number3
Early online date26 Sept 2015
Publication statusPublished - 1 Jan 2016

Bibliographical note

© 2015 Elsevier


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

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