Management of an annual fishery in the presence of ecological stress: The case of shrimp and hypoxia
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The emergence of ecosystem-based management suggests that traditional fisheries management and protection of environmental quality are increasingly interrelated. Fishery managers, however, have limited control over most sources of marine and estuarine pollution and at best can only adapt to environmental conditions. We develop a bioeconomic model of optimal harvest of an annual species that is subject to an environmental disturbance. We parameterize the model to analyze the effect of hypoxia (low dissolved oxygen) on the optimal harvest path of brown shrimp, a commercially important species that is fished in hypoxic waters in the Gulf of Mexico and in estuaries in the southeastern United States. We find that hypoxia alters the qualitative pattern of optimal harvest and shifts the season opening earlier in the year; more severe hypoxia leads to even earlier season openings. Failure to adapt to hypoxia leads to greater losses when the effects of hypoxia are more severe. However, rent gains from adapting fishery management to hypoxia are relatively small compared to rent losses from the hypoxia effect itself. This suggests that it is critical for other regulatory agencies to control estuarine pollution, and fishery managers need to generate value from the fishery resources through other means such as rationalization. © 2010 Elsevier B.V.
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Huang, L, and MD Smith (2011). Management of an annual fishery in the presence of ecological stress: The case of shrimp and hypoxia. Ecological Economics, 70(4). pp. 688–697. 10.1016/j.ecolecon.2010.11.003 Retrieved from https://hdl.handle.net/10161/13602.
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Martin D. Smith
Smith studies the economics of the oceans, including fisheries, marine ecosystems, seafood markets, and coastal climate adaptation. He has written on a range of policy-relevant topics, including economics of marine reserves, seasonal closures in fisheries, ecosystem-based management, catch shares, nutrient pollution, aquaculture, genetically modified foods, the global seafood trade, organic agriculture, coastal property markets, and coastal responses to climate change. He is best known for identifying unintended consequences of marine and coastal policies that ignore human behavioral feedbacks. Smith’s methodological interests span micro-econometrics, optimal control theory, time series analysis, and numerical modeling of coupled human-natural systems. Smith’s published work appears in The American Economic Review, Nature, Science, Proceedings of the National Academy of Sciences, Journal of Environmental Economics and Management, the Review of Economics and Statistics, and a number of other scholarly journals that span environmental economics, fisheries science, marine policy, ecology, and the geo-sciences. Smith has received national and international awards, including the Quality of Research Discovery from the Agricultural and Applied Economics Association, Outstanding Article in Marine Resource Economics, and an Aldo Leopold Leadership Fellowship. His research has been funded by the National Science Foundation, the National Oceanic and Atmospheric Administration, the National Center for Ecological Analysis and Synthesis, and the Research Council of Norway. Smith has served as Editor-in-Chief of the journal Marine Resource Economics, Co-Editor of the Journal of the Association of Environmental and Resource Economists, and Co-Editor of the Journal of Environmental Economics and Management. He served as a member of the Scientific and Statistical Committee of the Mid-Atlantic Fishery Management Council and currently serves on the Ocean Studies Board of the National Academies.
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