Strategies for Stabilization Constant Catch or Constant Fishing Effort?

Abstract

"Most fisheries are subject to substantial fluctuations in catches and fishing activity. There are obvious arguments for stabilization. Typically catches and fishing activity cannot be stabilized simultaneously. This paper considers the economic desirability of stabilizing catches versus fishing effort. The case when fishing mortality is proportional to effort is analyzed in some detail and it is shown that a stable effort is more profitable than stable catches, unless the price of fish depends on the catch volume. This is illustrated by quasi-empirical examples taken from two stocks of Atlantic cod."