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Breen, B,Kelley, H,Hynes, S
Marine Policy
The impact of precautionary quota constraints on the composition of multispecies harvest portfolios
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Multispecies fisheries management Portfolio theory Behavioural economics FISHERIES MANAGEMENT STOCKS
Multi species fisheries management requires managers to consider the impact of fishing activities on several species. Precautionary harvest quota restrictions for single species causes displaced effort to be redirected toward alternative species and single-species measures can therefore have a multi-species impact. Portfolio theory and the expected utility hypothesis is used to predict changes in fishers' targeting choices in the Hake-Monkfish-Megrim and Cod-Haddock-Whiting fisheries when species-specific hypothetical precautionary constraints are implemented. Results suggest that the utility maximising assumption in a mean variance optimisation framework gives a good approximation of fishers' objective function in these two fisheries. Changes in the species composition of fishers' optimal harvest portfolio (given implementation of the hypothetical precautionary measures) suggest significant displacement of fleet into alternative fisheries occurs when barriers to such alternation do not exist. (C) 2016 Elsevier Ltd. All rights reserved.
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