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The Wealth of Ecosystems: Valuing Natural Capital in the Context of Ecosystem Based Management

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  • Fisheries managers are increasingly expected to manage fisheries in an “ecosystem-based” manner – accounting for ecological interdependencies across species and their coupling with the physical environment. Yet managers lack rigorous, bioeconomic EBM indicators to assess tradeoffs and measure whether the natural capital in exploited ecosystems is sustainably managed. We build upon the sustainable development literature to downscale indices used to measure sustainability at the nation-state scale to assess the current and projected sustainability of exploited fishery ecosystems.  We show that the sustainability of a fishery ecosystem can be evaluated by whether the properly priced value of the natural, physical and human capital stocks contained within the fishery, the inclusive ocean wealth, is non-decreasing over time. We extend our published work for a single-species system to demonstrate how ecosystem models can be integrated with models of fishers’ policy-constrained responses to changes in multiple fish stocks to provide rigorous shadow prices for all species within the system. These prices are the marginal values for each stock “in the water” and are grounded in actual, rather than optimized, management institutions. These prices can then be used to develop an index of the natural wealth in the fishery. By linking this index to a bioeconomic simulation model, managers can prospectively assess the ability of alternative fishery management regimes to maintain ocean wealth for future generations. Finally, we build upon the bioeconomic model of Hutniczak (2015) to demonstrate our approach for the Baltic Sea ecosystem, focusing on three central fish species: cod, herring, and sprat.
  • Proceedings of the Eighteenth Biennial Conference of the International Institute of Fisheries Economics and Trade, held July 11-15, 2016 at Aberdeen Exhibition and Conference Center (AECC), Aberdeen, Scotland, UK.
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  • Challenging New Frontiers in the Global Seafood Sector: Proceedings of the Eighteenth Biennial Conference of the International Institute of Fisheries Economics and Trade, July 11-15, 2016. Compiled by Stefani J. Evers and Ann L. Shriver. International Institute of Fisheries Economics and Trade (IIFET), Corvallis, 2016.
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  • 0976343290

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