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The Stability of Rent Maximization in the Western and Central Pacific Fishery

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Abstract
  • The potential for achieving sustainable and efficient harvesting of three species of migratory tuna in the Western and Central Pacific Ocean is examined. The stocks reside in exclusive economic zones (mainly those of Pacific island countries) and in the high seas. Most harvesting is carried out by distant water fishing nations, including the USA, Japan, Taiwan, China and Korea. Problems of achieving sustainability and efficiency in the harvesting of the stocks by disparate countries are made more difficult due to changes in the harvesting levels of one fleet affecting the rents of another fleet through changes in the age distribution of stock. These types of problem are under review by the Western and Central Pacific Fisheries Commission. Results from an age-structured steady-state bioeconomic model are used to show: the changes in fleet rents and catches of tuna if all fleets form a cooperative grand coalition to deploy fishing effort to maximize rents over the region; the likely non-stability of the grand coalition; and the inferior Nash Equilibria outcomes if fleets fish non-cooperatively to maximize their own rents.
  • Keywords: Optimisation, Western and Central Pacific Fishery, Sustainable and efficient harvesting, Migratory tuna, Game theory, Fisheries Economics, Bioeconomic modeling
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  • Kennedy, John and Rögnvaldur Hannesson. 2008. The Stability of Rent Maximization in the Western and Central Pacific Fishery. 9 pages. In: Proceedings of the Fourteenth Biennial Conference of the International Institute of Fisheries Economics & Trade, July 22-25, 2008, Nha Trang, Vietnam: Achieving a Sustainable Future: Managing Aquaculture, Fishing, Trade and Development. Compiled by Ann L. Shriver. International Institute of Fisheries Economics & Trade, Corvallis, Oregon, USA, 2008.
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  • US National Oceanic and Atmospheric Administration (NOAA) Fisheries Division, The Department of Fisheries and Oceans, Canada; Aquaculture CRSP and AquaFish CRSP; Minh Phu Seafood Corporation; Vietnam Datacommunication Company (VDC); Camau Frozen Seafood Processing Import Export Corporation (Camimex); Long Sinh Limited Company; Mai Linh Group and Nam Viet Corporation.
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