Project Title:

2012-202-DLD-Operationalising the risk cost-catch trade-off

Project Number: 2012-202
Published Date: Mar 2017 Year: 2017
ISBN: 978-1-4863-0708-1 ISSN:
Description: This project has achieved in operationalising the risk-cost-catch trade-off. This involves evaluating whether the cost of implementing a harvest strategy, the risk to the resource and catch taken from the resource have been appropriately balanced, given the value of the resource.

 

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Principal Investigator: Cathy Dichmont
Key Words: Harvest strategies; data limited; data rich; risk equivalency, risk-cost-catch trade-off; Atlantis; buffers; tier systems
Summary: Harvest strategies implemented for Australian Commonwealth fisheries were placed in eight tiers, ranging from data-rich to data-limited, and their performance evaluated using a MSE based on a full end-to-end ecosystem model. Generally, the risk to the resource increased as fewer data were available, due to biases in the assessments and slow response times to unexpected declines in resource status. The most data-rich tiers maximize discounted catches and profits over a 45-year projection period. However, the opportunity cost response is variable, and shows that the benefit of short-term high catches have to be compensated by resource recovery in the long-term. On average, more data leads to improved management results in terms of risk of being overfished and not reaching a target, but this requires lower initial catches to recover the resources and lower short-term discounted profits.

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