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A Management Bind: Evidence for Targeting Weak Stocks

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  • The recent history of fisheries management in New England has seen substantial interannual variability in total allowable catches (TACs), with stocks deemed healthy in one year retroactively identified as overfished soon thereafter. Concurrently, avenues for and examples of coordination between fishermen are increasing in the region, as exemplified by the groundfish sectors and informal bycatch avoidance programs for yellowtail and windowpane flounder. A lag exists between the updating of a stock's overfishing status and the prescribed implementation of rebuilding plans as required by the Magnuson Stevens Act. In a coordinated fishery, this lag incentivizes increased targeting of a stock likely to be binding in the following year but with relatively high TACs in the current year. Fishing is a stochastic process, with output partially determined by the probability of encountering species of interest, either due to targeting or avoidance. Thus, although next year's TAC is not conditional on this year's catch, given the right conditions the probability of encountering a limiting stock is. In this research we use trip level data to investigate the empirical evidence for this type of intertemporal arbitrage, in which fishermen increase targeting of overfished stocks in a manner efficient only when viewed in a dynamic nature.
  • 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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