The impact of precautionary quota constraints on the composition of multispecies harvest portfolios. (July 2016)

• Record Type: Journal Article
• Authors: Breen, Benjamin; Kelley, Hugh; Hynes, Stephen
• Is Part Of: Marine policy. Volume 69(2016)
• Page Start: 13
• Page End: 23
• Publication Date: 2016-07
• Subjects: Q220; Multispecies fisheries management -- Portfolio theory -- Behavioural economics; Marine resources -- Economic aspects -- Periodicals; Fisheries -- Periodicals; Ressources marines -- Aspect économique -- Périodiques; Pêches -- Périodiques; Fisheries; Marine resources -- Economic aspects; Periodicals; 333.916405
• DOI: 10.1016/j.marpol.2015.10.006
• Languages: English
• ISSNs: 0308-597X

Abstract

Abstract: Multi species fisheries management requires managers to consider the impact of fishing activities on several species. Precautionary harvest quota restrictions for single species causes displaced effort to be redirected toward alternative species and single-species measures can therefore have a multi-species impact. Portfolio theory and the expected utility hypothesis is used to predict changes in fishers' targeting choices in the Hake–Monkfish–Megrim and Cod–Haddock–Whiting fisheries when species-specific hypothetical precautionary constraints are implemented. Results suggest that the utility maximising assumption in a mean variance optimisation framework gives a good approximation of fishers' objective function in these two fisheries. Changes in the species composition of fishers' optimal harvest portfolio (given implementation of the hypothetical precautionary measures) suggest significant displacement of fleet into alternative fisheries occurs when barriers to such alternation do not exist. Highlights: Mixed species fisheries require consideration of the impact of single species measures on multiple species. Portfolio theory and utility theory can be used to approximate fishers' objective function in a multispecies fishery. Behavioural impacts (species targeting changes) are assessed following hypothetical single species quota changes. Results show significant species targeting changes following single species quota changes.