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

TY - JOUR

T1 - Reconciling yield stability with international fisheries agencies precautionary preferences

T2 - The role of non constant discount factors in age structured models

AU - Da-Rocha, José María

AU - García Cutrín, Javier

AU - Gutiérrez, María José

AU - Touza, Julia M.

N1 - © 2015 Elsevier

PY - 2016/1/1

Y1 - 2016/1/1

N2 - 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.

AB - 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.

KW - Fisheries management

KW - Non-constant discount factor

KW - Optimization in age-structured models

KW - Utility function

UR - http://www.scopus.com/inward/record.url?scp=84958543566&partnerID=8YFLogxK

U2 - 10.1016/j.fishres.2015.08.024

DO - 10.1016/j.fishres.2015.08.024

M3 - Article

AN - SCOPUS:84958543566

SN - 0165-7836

VL - 173

SP - 282

EP - 293

JO - Fisheries research

JF - Fisheries research

IS - 3

ER -