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Proxy Measures for Economic Target Reference Points in Data Poor Multispecies Fisheries

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Abstract
  • The Australian Harvest Strategy Policy requires that maximum economic yield (MEY) be the target in all Commonwealth managed fisheries. For multispecies fisheries, unlike single species fisheries, the optimal yield is not independent of the optimal yield of the companion species (i.e. those species with which it is caught). In fisheries with many species, the cost of undertaking assessments of all species is prohibitive and may be more than the actual rent generated. As a result, the species have a varying level of information, and targets are often defined primarily for those species with good information with others being given “precautionary” targets that may not be consistent with maximising economic returns from the fishery. In our study, we use simulation/optimisation modelling approaches to estimate rules of thumb for improving catch targets in multispecies fisheries when full stock assessment are unavailable. A stochastic multispecies bioeconomic model is developed and used to assess target reference points (expressed in terms of BMEY/BMSY) under a wide range of biological and economic conditions. The information derived is summarised through the use of Bayesian networks and regression trees to derive “models” for assessing proxy reference points when information on the species is limited. 
  • Keywords: Modeling and Economic Theory, Poor Data and Uncertainty, Fisheries Economics
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  • Pascoe, Sean, T. Hutton, O. Thebaud, R. Deng, N. Klaer, S. Vieira. 2014. Proxy Measures for Economic Target Reference Points in Data Poor Multispecies Fisheries. In: Towards ecosystem based management of fisheries: what role can economics play?: Proceedings of the Seventeenth Biennial Conference of the International Institute of Fisheries Economics and Trade, July 7-11, 2014, Brisbane, Australia. Complied by Ann L. Shriver & Melissa Errend. Corvallis, OR: International Institute of Fisheries.
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  • Fisheries Research & Development Corporation, World Wildlife Fund, MG Kailis Group, AquaFish Innovation Lab, NOAA Fisheries, The European Association of Fisheries Economists, Japan International Fisheries Research Society, United Nations University, NORAD
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