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Abstract

Fisheries management is characterised by multiple objectives, some of which may be complementary, while others may require trade‐offs between outcomes. Balancing these objectives is made more complex in the case of multispecies and multigear fisheries. In this paper, we develop a bioeconomic model that captures the key elements of such a fishery to test a range of potential harvest strategies to provide insights into how economic target reference points could lead to both desirable and undesirable management outcomes (e.g. discards). The model is developed as a long‐run optimisation model to identify target reference points to achieve multispecies maximum economic yield, and a dynamic recursive optimisation model, which includes more realistic representation of fishers’ behaviour, such as discards and trading of under‐caught species quotas. The potential economic, social and ecological impacts are evaluated using data envelopment analysis (DEA). The results suggest that the use of proxy target reference points can result in short‐term economic benefits at the cost of slower stock recovery and higher discarding. Limiting the number of species subject to quota controls may also prove beneficial in multispecies fisheries, while ensuring quota markets are efficient is likely to produce benefits irrespective of the harvest strategy adopted.

Item Type:	Article
Authors/Creators:	Pascoe, S and Hutton, T and Hoshino, E and Sporcic, M and Yamazaki, S and Kompas, T
Keywords:	bioeconomic model, harvest strategy, multispecies maximum economic yield, proxy target reference points, Southern and Eastern Scalefish and Shark Fishery
Journal or Publication Title:	The Australian Journal of Agricultural and Resource Economics
Publisher:	Wiley-Blackwell Publishing Asia
ISSN:	1467-8489
DOI / ID Number:	https://doi.org/10.1111/1467-8489.12369
Copyright Information:	Copyright 2020 Australasian Agricultural and Resource Economics Society Inc.
Related URLs:	Google Scholar: Yamazaki, S UTAS Profile: Yamazaki, S
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