Economics of Overexploitation Revisited

@article{Grafton2007EconomicsOO,
  title={Economics of Overexploitation Revisited},
  author={R. Quentin Grafton and Tom Kompas and Ray Hilborn},
  journal={Science},
  year={2007},
  volume={318},
  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… Expand

Paper Mentions

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 costsExpand
The Sunken Billions: The Economic Justification for Fisheries Reform
This study and previous studies indicate that the current marine catch could be achieved with approximately half of the current global fishing effort. In other words, there is massive overcapacity inExpand
Bioeconomic losses from overharvesting tuna
Stochastic dynamic programming is used to model the world’s largest fishery— tunas of the western and central Pacific—and to show that adopting a biomass target that maximizes the discounted economicExpand
On implementing maximum economic yield in commercial fisheries
TLDR
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. Expand
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 ofExpand
Net economic impacts of achieving maximum economic yield in fisheries
Improving the economic performance of fisheries is becoming increasingly important in fisheries management, and in some cases, maximum economic yield (MEY) is set as a key management target. However,Expand
Supply and demand drive a critical transition to dysfunctional fisheries
TLDR
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. Expand
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, theExpand
Maximum Economic Yield Fishery Management in the Face of Global Warming
This paper deals with fishery management in the face of the ecological and economic effects of global warming. To achieve this, a dynamic bioeconomic model and model-based scenarios are considered,Expand
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 worldExpand
...
1
2
3
4
5
...

References

SHOWING 1-8 OF 8 REFERENCES
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 socialExpand
Incentive-based Approaches to Sustainable Fisheries
TLDR
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. Expand
The economics of fishing and modern capital theory: A simplified approach☆
Abstract While the link between fisheries economics and capital theory has long been recognized, fisheries economics has, until the last few years, developed largely along nondynamic lines. TheExpand
Defining success in fisheries and conflicts in objectives
The traditional fisheries management objectives of maximizing yield and employment lead to heavily exploited stocks. Many current high-profile disputes arise from conflicting objectives, and theExpand
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 thatExpand
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 quotaExpand
Quantitative Fish Dynamics
TLDR
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. Expand
Food and Agriculture Organization (FAO), State of the World Fisheries and Aquaculture
  • 2006