Reference points based on dynamic optimization: a versatile algorithm for mixed-fishery management with bioeconomic age-structured models

Da Rocha, J-M., Gutiérrez, M-J., and Cerviño, S. 2012. Reference points based on dynamic optimization: a versatile algorithm for mixed-fishery management with bioeconomic age-structured models. – ICES Journal of Marine Science, 69: 660–669. Single-species management objectives may not be consistent within mixed fisheries. They may lead species to unsafe situations, promote discarding of over-quota, and/or misreporting of catches. We provide an algorithm for characterizing bioeconomic reference points for a mixed fishery as the steady-state solution of a dynamic optimal management problem. The optimization problem takes into account that: (i) species are caught simultaneously in unselective fishing operations, and (ii) intertemporal discounting and fleet costs relate to reference points to discounted economic profits along optimal trajectories. We illustrate how the algorithm can be implemented by applying it to the European northern hake stock (Merluccius merluccius), where fleets also capture northern megrim (Lepidorhombus whiffiagonis) and northern anglerfish (Lophius piscatorius and Lophius budegassa). We find that optimal mixed management leads to a target reference point that is quite similar to two-thirds of the Fmsy single-species (hake) target. Mixed management is superior to single-species management because it leads the fishery to higher discounted profits, with higher long-term spawning-stock biomass for all species. We calculate that the losses due to the use of the Fmsy single-species (hake) target in this mixed fishery account for 11.4% of total discounted profits.