Maximum Economic Yield

    Research output: Contribution to journalArticle

    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.
    Original languageEnglish
    Pages (from-to)273-280
    JournalAustralian Journal of Agricultural and Resource Economics
    Volume54
    Issue number3
    DOIs
    Publication statusPublished - 2010

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