Risk averse policies foster bio-economic sustainability in mixed fisheries

Type Article
Date 2021-12
Language English
Author(s) Tromeur Eric1, 2, 3, Doyen Luc2, Tarizzo Violaine2, 4, 5, Little L. Richard5, Jennings Sarah6, Thébaud OlivierORCID7
Affiliation(s) 1 : AgroParisTech, Univ Paris-Saclay, 16 rue Claude Bernard, 75231 Paris, France
2 : CNRS, GREThA, University of Bordeaux, avenue Leon Duguit, 33608 Pessac, France
3 : Sorbonne Université, iEES Paris, 4 place Jussieu, 75252 Paris, France
4 : Ecole Polytechnique, Univ Paris-Saclay, Route de Saclay, 91128 Palaiseau, France
5 : CSIRO, Castray Esplanade, Hobart, TAS 7000, Australia
6 : UTAS, Hobart, Australia
7 : AMURE, IFREMER, 10 route de la Trinité, 29280 Plouzané, France
Source Ecological Economics (0921-8009) (Elsevier BV), 2021-12 , Vol. 190 , P. 107178 (11p.)
DOI 10.1016/j.ecolecon.2021.107178
WOS© Times Cited 4
Keyword(s) Bioeconomics, Multispecies fishery, Ecosystem-based fisheries management, Maximum economic yield, Uncertainty, Risk aversion
Abstract

This article examines the role of risk aversion on the sustainable management of mixed fisheries. We consider a bio-economic model of multiple species harvested by a single fleet with uncertain costs of effort. We assume that the regulatory agency aims at reaching MMEY (Multispecies Maximum Economic Yield) by maximizing the expected utility of total profits, where the utility function captures risk aversion. We show analytically that such a risk-averse MMEY mitigates the risk of biological and economic overexploitation of the different species and thus of biodiversity loss. However excessively high risk aversion also may also lessen food production at MMEY. Thus, risk aversion implies a trade-off between different bio-economic goals. These findings are illustrated with the case study of the Australian South East Fishery, where intermediate risk aversion levels allow for balanced bio-economic management objectives, therefore fostering sustainability.

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