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Optimal Effort Controls for the Multispecies Groundfish Complex in New England

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  • It is rarely possible or desirable to maintain a constant target fishing mortality rate for each individual stock in a multispecies fishery. Preventing overfishing of all stocks at all times will often be in conflict with attainment of optimal yield for the fishery. This paper presents a retrospective analysis and future projections of harvests and revenues for the Northeast Multispecies groundfish fishery under alternative control rules on nominal fishing effort. An age structured model of the ten primary groundfish stocks is used to project stock size and harvests by stock. Revenues are projected using ex-vessel price models estimated for each species and market category. Overall nominal effort is assumed to be perfectly controlled. However, stock and age specific catchability coefficients, which transform nominal effort into fishing mortality, are allowed to vary across cohorts and over time reflecting the historically observed variation in those parameters. Various static levels of nominal effort are compared with controls that maintain biomass weighted fishing mortality at or below threshold levels for all stocks in all years. The thresholds used are the current overfishing definitions for these stocks which, in most cases are the levels believed to correspond with maximum sustainable yield. Results show that strict controls on effort designed to prevent overfishing on individual stocks provides significantly lower and more variable revenues than constant effort levels designed to maximize revenues for the overall complex. Trade-offs between economic and biological risks are discussed in light of these modeling results.
  • Keywords: groundfish, bioeconomic model, Multispecies, Fisheries Economics, Theoretical and Empirical Bio-Economic Modelling, Georges Bank, Gulf of Maine
  • Keywords: groundfish, bioeconomic model, Multispecies, Fisheries Economics, Theoretical and Empirical Bio-Economic Modelling, Georges Bank, Gulf of Maine
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  • Holland, Daniel S., Jean-Jacques Maguire. 2002. Optimal Effort Controls for the Multispecies Groundfish Complex in New England. Peer Review: No. In: Proceedings of the Eleventh Biennial Conference of the International Institute of Fisheries Economics and Trade, August 19-22, 2002, Wellington, New Zealand: Fisheries in the Global Economy. Compiled by Ann L. Shriver. International Institute of Fisheries Economics & Trade, Corvallis, Oregon, USA, 2002. CD ROM.
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