Journal article

Maximum economic yield

R Quentin Grafton, Tom Kompas, Long Chu, Nhu Che

AUSTRALIAN JOURNAL OF AGRICULTURAL AND RESOURCE ECONOMICS | WILEY | Published : 2010

Abstract

Analytical results for steady-state values of the biomass that maximises the sum of inter-temporal economic profits (dynamic bMEY) are derived in terms of a generalised harvesting function. The conditions under which dynamic bMEY exceeds the biomass that maximises the sustained yield (bMSY) 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 bMSY provides both a sustainable and profitable management target under a wide range of parameter values. © 2010 The Authors. Journal compilation © 2010 Australia..

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University of Melbourne Researchers