Optimal Rebuilding of Fish Stocks in Different Nations: Bioeconomic Lessons for Regulators

Under the rubric of sustainable fisheries, nations are mandated to rebuild overfished stocks. Although rebuilding strategies are almost universally directed by the available biological information, approaches vary depending on fishery laws, management objectives, and technical guidelines. For example, rebuilding schedules in the United States are primarily designed to achieve rapid rebuilding of biomass and spawning stocks consistent with the biological characteristics of the resource. In contrast, New Zealand has greater flexibility in rebuilding stocks in order to consider economic, social, and cultural needs. In this paper we investigate potential economic costs to the fishery that result by limiting the US manager’s flexibility in choosing a recovery trajectory. Using numerical models for moderate- and long-lived stocks, the analysis reveals that depending on productivity of the stock and the discount rate, extending the rebuilding timeframe can substantially increase annual harvests and economic benefits. The results underscore the importance of economic analysis in crafting flexible rebuilding schedules that account for the unique characteristics of the fisheries, including economic and social needs.