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ICES Journal of Marine Science: Journal du Conseil Advance Access published online on November 13, 2009
ICES Journal of Marine Science: Journal du Conseil, doi:10.1093/icesjms/fsp256
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© 2009 International Council for the Exploration of the Sea. Published by Oxford Journals. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org

Immediate maximum economic yield; a realistic fisheries economic reference point

Jordi Lleonart1 and Gorka Merino2

1 Institut de Ciències del Mar, Passeig Marítim de la Barceloneta 37-49 E, 08003 Barcelona, Spain
2 Plymouth Marine Laboratory, The Hoe, Plymouth PL13DH, UK, and School of Earth, Ocean and Environmental Sciences, University of Plymouth, Drake Circus, Plymouth PL4 8AA, UK

Correspondence to J. Lleonart: tel: +34 932 309649; fax: +34 932 309555; e-mail: lleonart{at}icm.csic.es.

Lleonart, J., and Merino, G. 2010. Immediate maximum economic yield; a realistic fisheries economic reference point. – ICES Journal of Marine Science, 67: 000–000.

Unregulated or poorly managed fisheries tend towards overexploitation, but fisheries rent does not completely dissipate when immediate rent maximization is sought. The principle of immediate economic rent maximization is the basis of the derivation of a classic model and has led to the definition of a relationship in a catch-and-effort diagram termed the dynamic immediate maximum economic yield (DIMEY) curve. For any initial biomass, if the economic rent in the immediate fishing season is maximized, then the fishing effort and catch strategy that follows will be located on the DIMEY curve. The DIMEY curve is not only used for dynamic simulation but also used to identify a new reference point, the immediate maximum economic yield (IMEY), which is proposed as more realistic than the classic open-access solution for unregulated fisheries. IMEY is proposed as an asymptotic outcome for unregulated or poorly managed fisheries when short-term economic objectives drive fleet activities. IMEY properties are described and compared with traditional fisheries reference points in the yield-and-effort diagram. Theoretical conclusions are compared with empirical evidence provided by the red shrimp fishery off Blanes, Spain (NW Mediterranean). Observed catch-and-effort records are plotted and were positively correlated with the DIMEY curve and IMEY.

Keywords: fisheries bioeconomics, overexploitation, short-term economic maximization, unregulation

Received 18 May 2009; accepted 13 October 2009.


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