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Maximum economic yield
Author(s) -
Grafton R. Quentin,
Kompas Tom,
Chu Long,
Che Nhu
Publication year - 2010
Publication title -
australian journal of agricultural and resource economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.683
H-Index - 49
eISSN - 1467-8489
pISSN - 1364-985X
DOI - 10.1111/j.1467-8489.2010.00492.x
Subject(s) - economics , maximum sustainable yield , stock (firearms) , yield (engineering) , range (aeronautics) , econometrics , biomass (ecology) , mathematics , agronomy , thermodynamics , physics , ecology , biology , engineering , fishing , fisheries management , mechanical engineering , aerospace engineering
Analytical results for steady‐state values of the biomass that maximises the sum of inter‐temporal economic profits (dynamic b MEY ) are derived in terms of a generalised harvesting function. The conditions under which dynamic b MEY exceeds the biomass that maximises the sustained yield ( b MSY ) are evaluated under a range of conditions including when the discount rate exceeds the intrinsic growth rate, with a variable stock effect, technological change, and from an increase in the cost per unit of effort. The findings show that dynamic b MSY provides both a sustainable and profitable management target under a wide range of parameter values.