Economic profit and optimal effort in the Western and central pacific tuna fisheries.pdfVIP

PACIFIC ECONOMIC BULLETIN Focus TUNA RESOURCE MANAGEMENT Economic profit and optimal effort in the Western and Central Pacific tuna fisheries Tom Kompas and Tuong Nhu Che Crawford School of Economics and Government, The Australian National University and Australian Bureau of Agricultural and Resource Economics Given the problems with open-access obtained through a finite difference resources, as well as the effectiveness of algorithm, using parallel processing modern fishing technology, there are few software, for three main species in the international fisheries (if any) that will not fishery—yellowfin tuna, bigeye tuna and be over-exploited and less than fully skipjack—and the most important gear profitable unless they are managed types—purse-seine and fresh and frozen effectively. For a fishery to be economically longline (Williams and Reid 2006). In order efficient, management targets must be set to maximise economic profits, results correctly, enforced effectively and delivered indicate that a substantial effort reduction is in a least-cost and incentive-compatible needed in the fishery for the three main manner. An economically efficient outcome species, with optimal stocks significantly is important not only because it protects fish larger than stocks at maximum sustainable stocks and guarantees sustainability, but yield (MSY) in all cases. because it ensures that resources will be The WCPTF is diverse, ranging from allocated correc