A central challenge for natural resource management is developing rigorous yet practical approaches for balancing the costs and benefits of diverse human uses of ecosystems. Economic theory has a long history of evaluating tradeoffs in returns from different assets to identify optimal investment strategies. There has been recent progress applying...
We examine the status of the world's fisheries and the potential for economic and ecological benefits from fishery management reforms. Global fisheries are at a crossroads - they are on average overexploited, suggesting a global benefit from recovery. But many fisheries are already biologically sustainable. Even in these fisheries, economic...
Territorial Use Rights in Fisheries (TURFs) are increasingly used as a tool to promote sustainable and profitable fisheries. Their success depends on shifting incentives to longer time horizons by securing the future benefits of fisheries reforms for TURF owners. One challenge to this security is the spillover of fish across...
Food security, economic opportunities, and other benefits provided by a healthy ocean are in jeopardy because of years of overexploitation of many fisheries, and the challenges will intensify in many locales as climate and the environment continue to change. The good news is that solutions are gaining traction. Mandates to...
Yearly revisions of Total Allowable Catch under EU policies for the management of North Sea fisheries come at
high management costs and capital adjustment costs. It is unclear whether current EU fisheries policy strikes the
right balance between the need to regularly adjust fish quota to new information on one...
In this paper, we use a common renewable resource model with stochastic growth to obtain three main results. First, we demonstrate that predictions of poor future environmental conditions lead to lower desired escapement (i.e., low remaining resource stock in place after harvest) and higher current harvest. At first glance, it...
Empirical evidence indicates that environmental fluctuations have important effects on fisheries production. However, existing analytical solutions of stochastic fisheries models have been produced only under highly simplified economic and biological conditions. The main contribution of this paper is to derive under general conditions a policy function for the management of...