Economics of Overexploitation Revisited

  title={Economics of Overexploitation Revisited},
  author={R. Quentin Grafton and Tom Kompas and Ray Hilborn},
  pages={1601 - 1601}
About 25% of the world's fisheries are depleted such that their current biomass is lower than the level that would maximize the sustained yield (MSY). By using methods not previously applied in the fisheries conservation context, we show in four disparate fisheries (including the long-lived and slow-growing orange roughy) that the dynamic maximum economic yield (MEY), the biomass that produces the largest discounted economic profits from fishing, exceeds MSY. Thus, although it is theoretically… 

Limits to the Privatization of Fishery Resources: Comment

This paper responds to the key findings of Clark, Munro, and Sumaila (2010). We restrict our response to (1) biomass targets and what they do not imply about resource ownership, (2) harvesting costs

On implementing maximum economic yield in commercial fisheries

To develop an implementable management strategy in an adaptive management framework, a set of assumptions must be agreed among scientists, economists, and industry and managers, indicating that operationalizing MEY is not simply a matter of estimating the numbers but requires strong industry commitment and involvement.

Maximizing Profits and Conserving Stocks in the Australian Northern Prawn Fishery

The Australian Northern Prawn Fishery (NPF) is one of the few that has adopted a dynamic version of a ‘maximum economic yield’ (MEY) target, and, on this basis, the fishery is undergoing a process of

Supply and demand drive a critical transition to dysfunctional fisheries

Conventional bioeconomic theory is used to demonstrate that inherent biological constraints combined with nonlinear supply−demand relationships can generate threshold effects due to harvesting and key predictions of the critical transition hypothesis are borne out in oceanic fisheries that have experienced substantial increase in fishing pressure.

The Economic Value of Rebuilding Fisheries

The global demand for protein from seafood – whether wild, caught or cultured, whether for direct consumption or as feed for livestock – is high and projected to continue growing. However, the

From drain to gain in capture fisheries rents: a synthesis study, food and agriculture organization of the UN

The World Bank/FAO report, The Sunken Billions, argues that the world’s capture fishery resources are non-performing assets with rates of return, or yields, not exceeding zero. The cost to the world

Optimal Harvesting Policies Threaten Biodiversity in Mixed Fisheries

As marine ecosystems are under pressure worldwide, many scientists and stakeholders advocate the use of ecosystem-based approaches for fishery management. In particular, management policies are

BMEY as a fisheries management target

This paper evaluates the implications of managing fisheries to achieve a BMEY target, or a biomass level that maximizes net economic returns in the fishery, and discusses the role of private

Estimating maximum economic yield in multispecies fisheries: a review

The alternative ways in which MEY has been estimated and applied in multispecies fisheries and the roles and potential use of proxy target reference points in other fisheries are reviewed, building on Australian's experience in implementing such a policy.



The Economics of Overexploitation

The general economic analysis of a biological resource presented in this article suggests that overexploitation in the physical sense of reduced productivity may result from not one, but two social

A Note on the "Stock Effect"

The "stock effect" implies that unit operating costs will be sensitive to the size of the exploited fish stoch(s). This is investigated using data for Norwegian trawlers. The results indicate that

Quantitative Fish Dynamics

The results show clear trends in population growth, Mortality, and the Fishing Process, and age Structured Models: Renewal Theory and Assessment Methods show clear patterns in growth, mortality, and migration.

Rent Capture in a Rights-Based Fishery

Abstract The paper compares four methods of rent capture in a fishery managed with individual transferable quotas using simulations from a unit profit function. Some theoretical properties of a quota

Incentive-based Approaches to Sustainable Fisheries

It is argued that incentive-based approaches that better specify community and individual harvest or territorial rights and price ecosystem services and that are coupled with public research, monitoring, and effective oversight promote sustainable fisheries.

Food and Agriculture Organization (FAO), State of the World Fisheries and Aquaculture

  • 2006