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Ecosystem Portfolios: A finance-based approach to ecosystem management

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  • Marine scientists and policymakers are encouraging ecosystem-based fishery management (EBFM), but there is limited guidance on how to operationalize the concept. We develop a method for EBFM based on financial asset management that uses the joint probability distribution of species in an ecosystem. Illustrating our method with the Chesapeake Bay, we demonstrate the gains from taking into account species variances and covariances in setting species allocations. We find over the period from 1962-2003 that managers could have increased the revenues from fishing and reduced the variance by employing ecosystem frontiers in setting catch levels.
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  • Smith, Martin, James Sanchirico and Douglas Lipton. 2006. Ecosystem Portfolios: A finance-based approach to ecosystem management. In: Proceedings of the Thirteenth Biennial Conference of the International Institute of Fisheries Economics & Trade, July 11-14, 2006, Portsmouth, UK: Rebuilding Fisheries in an Uncertain Environment. Compiled by Ann L. Shriver. International Institute of Fisheries Economics & Trade, Corvallis, Oregon, USA, 2006. CD ROM. ISBN 0-9763432-3-1
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  • The National Oceanic & Atmospheric Administration Marine Fisheries Service, United States Department of Commerce (NOAA Fisheries); United Kingdom Department for Environment, Food and Rural Affairs (DEFRA); The United States Agency for International Development supported Aquaculture Collaborative Research and Support Program (ACRSP).
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