Intergenerational Valuation of Fisheries Resources can Justify Long-term Conservation: a Case Study in Atlantic Cod ( Gadus morhua )
Where the conventional model of discounting advocates aggressive harvest policies, intergenerational discounting could have been used to render the historic gross overfishing of Atlantic cod (Gadus morhua) economically unappealing compared with a more conservative long-term strategy. Under these dis...
Published in: | Canadian Journal of Fisheries and Aquatic Sciences |
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Digital Commons @ University of South Florida
2005
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Online Access: | https://digitalcommons.usf.edu/msc_facpub/1820 https://doi.org/10.1139/f05-010 |
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ftusouthflorida:oai:digitalcommons.usf.edu:msc_facpub-2870 2023-07-30T04:02:18+02:00 Intergenerational Valuation of Fisheries Resources can Justify Long-term Conservation: a Case Study in Atlantic Cod ( Gadus morhua ) Ainsworth, C. H. Sumaila, U. R. 2005-05-01T07:00:00Z https://digitalcommons.usf.edu/msc_facpub/1820 https://doi.org/10.1139/f05-010 unknown Digital Commons @ University of South Florida https://digitalcommons.usf.edu/msc_facpub/1820 doi:10.1139/f05-010 https://doi.org/10.1139/f05-010 Marine Science Faculty Publications Life Sciences article 2005 ftusouthflorida https://doi.org/10.1139/f05-010 2023-07-13T21:02:47Z Where the conventional model of discounting advocates aggressive harvest policies, intergenerational discounting could have been used to render the historic gross overfishing of Atlantic cod (Gadus morhua) economically unappealing compared with a more conservative long-term strategy. Under these discounting approaches, we compare the historic harvest trend from 1985 (and projected postcollapse earnings) with theoretical optimal harvest profiles determined by an ecosystem model. The optimal scenarios generate less initial harvest than the historic profile but maintain the resource and provide greater yields over the long term. At a discount rate equal to market interest, we demonstrate that it was more economic under conventional valuation to harvest the cod stock to collapse than it would have been to sustain the population. However, under intergenerational valuation, the sustainable optimal scenarios outperform the actual harvest profile. Application of conventional discounting by fishing consortiums may be partly to blame for depletion, yet management fell short of even that ideal. Article in Journal/Newspaper atlantic cod Gadus morhua University of South Florida St. Petersburg: Digital USFSP Canadian Journal of Fisheries and Aquatic Sciences 62 5 1104 1110 |
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Open Polar |
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University of South Florida St. Petersburg: Digital USFSP |
op_collection_id |
ftusouthflorida |
language |
unknown |
topic |
Life Sciences |
spellingShingle |
Life Sciences Ainsworth, C. H. Sumaila, U. R. Intergenerational Valuation of Fisheries Resources can Justify Long-term Conservation: a Case Study in Atlantic Cod ( Gadus morhua ) |
topic_facet |
Life Sciences |
description |
Where the conventional model of discounting advocates aggressive harvest policies, intergenerational discounting could have been used to render the historic gross overfishing of Atlantic cod (Gadus morhua) economically unappealing compared with a more conservative long-term strategy. Under these discounting approaches, we compare the historic harvest trend from 1985 (and projected postcollapse earnings) with theoretical optimal harvest profiles determined by an ecosystem model. The optimal scenarios generate less initial harvest than the historic profile but maintain the resource and provide greater yields over the long term. At a discount rate equal to market interest, we demonstrate that it was more economic under conventional valuation to harvest the cod stock to collapse than it would have been to sustain the population. However, under intergenerational valuation, the sustainable optimal scenarios outperform the actual harvest profile. Application of conventional discounting by fishing consortiums may be partly to blame for depletion, yet management fell short of even that ideal. |
format |
Article in Journal/Newspaper |
author |
Ainsworth, C. H. Sumaila, U. R. |
author_facet |
Ainsworth, C. H. Sumaila, U. R. |
author_sort |
Ainsworth, C. H. |
title |
Intergenerational Valuation of Fisheries Resources can Justify Long-term Conservation: a Case Study in Atlantic Cod ( Gadus morhua ) |
title_short |
Intergenerational Valuation of Fisheries Resources can Justify Long-term Conservation: a Case Study in Atlantic Cod ( Gadus morhua ) |
title_full |
Intergenerational Valuation of Fisheries Resources can Justify Long-term Conservation: a Case Study in Atlantic Cod ( Gadus morhua ) |
title_fullStr |
Intergenerational Valuation of Fisheries Resources can Justify Long-term Conservation: a Case Study in Atlantic Cod ( Gadus morhua ) |
title_full_unstemmed |
Intergenerational Valuation of Fisheries Resources can Justify Long-term Conservation: a Case Study in Atlantic Cod ( Gadus morhua ) |
title_sort |
intergenerational valuation of fisheries resources can justify long-term conservation: a case study in atlantic cod ( gadus morhua ) |
publisher |
Digital Commons @ University of South Florida |
publishDate |
2005 |
url |
https://digitalcommons.usf.edu/msc_facpub/1820 https://doi.org/10.1139/f05-010 |
genre |
atlantic cod Gadus morhua |
genre_facet |
atlantic cod Gadus morhua |
op_source |
Marine Science Faculty Publications |
op_relation |
https://digitalcommons.usf.edu/msc_facpub/1820 doi:10.1139/f05-010 https://doi.org/10.1139/f05-010 |
op_doi |
https://doi.org/10.1139/f05-010 |
container_title |
Canadian Journal of Fisheries and Aquatic Sciences |
container_volume |
62 |
container_issue |
5 |
container_start_page |
1104 |
op_container_end_page |
1110 |
_version_ |
1772813087196315648 |