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.
Published Version (Please cite this version)10.1016/j.ecolecon.2010.11.003
Publication InfoHuang, L; & Smith, Martin D (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 http://hdl.handle.net/10161/13602.
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Professor of Environmental Economics in the
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 id