Multiobjective Bioeconomic Analysis: An Application to the Pacific Whiting Fishery

Abstract

A multiobjective bioeconomic policy model was developed for the United States Pacific whiting fishery. Pareto-optimal solutions for three policy objectives—rents, production, and female spawning biomass—were developed and analyzed using "hybrid" generating technique. Three policy instruments were considered: harvest quotas, fleet capacity limits, and allocation between shore-based and offshore fisheries. Results indicate that Pareto-optimal allocations to shore-based and at-sea industries will depend on the spatial and temporal characteristics of the stock and the assumptions regarding the harvesting and processing characteristics of each fleet. The analysis also suggests approaches for measuring opportunity costs associated with misidentifying "biological risk", and operationalizing the concept known as "optimum yield".