A Dynamic Stochastic Approach to Fisheries Management Assessment
An Application to some European Fisheries
Most existing studies assessing the management of fisheries fail to check the accuracy of the parameters estimated in reproducing the observed dynamics of the resource. We present an alternative approach: assuming that the stock growth path is affected by productivity shocks that follow a Markov process, we calibrate the growth path of the resource so that the observed dynamics of resource are matched.
In this context, an efficient policy consists of applying a different exploitation rule depending on the state of the resource whereas the constant-escapement rule is not the efficient policy. This approach is applied to three different fishing grounds: the European Anchovy (Division VIII), the Southern Stock of Hake (Divisions VIIIc and IXa) and the Northern Stock of Hake (mainly Divisions VII and VIII).