Maximum economic yield

Abstract

Analytical results for steady‐state values of the biomass that maximises the sum of inter‐temporal economic profits (dynamic b MEY ) are derived in terms of a generalised harvesting function. The conditions under which dynamic b MEY exceeds the biomass that maximises the sustained yield ( b MSY ) 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 b MSY provides both a sustainable and profitable management target under a wide range of parameter values.