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Elsevier, Fisheries Research, (173), p. 282-293, 2016

DOI: 10.1016/j.fishres.2015.08.024

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Reconciling yield stability with international fisheries agencies precautionary preferences: the role of non constant discount factors in age structured models

Journal article published in 2015 by José María Da Rocha, Javier García Cutín, Javier García-Cutrín, María José Gutiérrez Huerta ORCID, Julia Touza
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This paper is available in a repository.

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Abstract

International fisheries agencies recommend exploitation paths that satisfy two features. First, for precautionary reasons exploitation paths should avoid high fishing mortality in those fisheries where the biomass is depleted to a degree that jeopardize the stock's capacity to produce the Maximum Sustainable Yield (MSY). Second, for economic and social reasons, captures should be as stable (smooth) as possible over time. In this article we show that a conflict between these two interests may occur when seeking for optimal exploitation paths using age structured bio-economic approach. Our results show that this conflict be overtaken by using non constant discount factors that value future stocks considering their relative inter-temporal scarcity.