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Utility‐per‐Recruit Modeling: A Neglected Concept
Author(s) -
Die David J.,
Restrepo Victor R.,
Hoenig John M.
Publication year - 1988
Publication title -
transactions of the american fisheries society
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.696
H-Index - 86
eISSN - 1548-8659
pISSN - 0002-8487
DOI - 10.1577/1548-8659(1988)117<0274:umanc>2.3.co;2
Subject(s) - revenue , generalization , yield (engineering) , function (biology) , fishery , order (exchange) , economics , value (mathematics) , construct (python library) , expected utility hypothesis , microeconomics , econometrics , operations research , actuarial science , computer science , mathematical economics , mathematics , statistics , biology , finance , mathematical analysis , materials science , evolutionary biology , metallurgy , programming language
Yield‐per‐recruit analysis consists of summing or integrating the relative weight of the catch over all ages exploited in a fishery. Utility‐per‐recruit analysis is a generalization of this in which the utility or value (not necessarily monetary) of the catch, instead of the weight, is accumulated over age, The utility function of age can take many forms. For a sport fishery, age‐specific ratings offish quality can be derived from angler interviews in order to construct the utility function. In commercial fisheries, utility would most generally be taken to be the net income per recruit (revenues minus costs). However, it will often be of interest to examine per‐recruit revenue alone because this is easy to obtain. In several important cases, the computations can be performed analytically.