Record Details
An Empirical Analysis of Portfolio Management as a Tool for Implementing Ecosystem-Based Fishery Management
ScholarsArchive at Oregon State University
| Field | Value |
|---|---|
| Title | An Empirical Analysis of Portfolio Management as a Tool for Implementing Ecosystem-Based Fishery Management |
| Names |
Jin, Di
(creator) DePiper, Geret (creator) Hoagland, Porter (creator) |
| Date Issued | 2014-07-07 (iso8601) |
| Note | presentation |
| Abstract | Many experts have argued that the traditional management of commercial fish stocks as single-species is short-sighted, wasteful, and ineffective. Ecosystem-based fisheries management (EBFM) now is being promoted as a potential solution to the problem. While much attention has been directed recently at the potential benefits of implementing EBFM for commercial fisheries, the realization of a more comprehensive management that takes into account the broader effects on the ecosystem and associated human communities remains elusive. Portfolio management has been suggested as a practical tool for helping to implement EBFM. The portfolio approach involves the application of financial portfolio theory to multispecies fishery management to account for species interdependencies, uncertainty, and sustainability constraints. We have developed a portfolio model for the US northeastern region, using empirical data from NMFS for 1964-2012 and species groupings used in food web models of the same region. We develop annual performance measures of the northeast fisheries over the five decades. The performance measures capture the inefficiencies (in terms of risk level for a given level of revenue) in the fisheries, and thus the potential for improvements. We demonstrate the usefulness of the model and results through case studies of different portfolios by ecological production unit (EPU) and by fishing port. Results of our research will further improve understanding of the potential for portfolio management as a practical approach to help achieve EBFM in the northeastern region. |
| Genre | Presentation |
| Topic | Fisheries Economics |
| Identifier | Jin, Di, G. DePiper and P. Hoagland. 2014. An Empirical Analysis of Portfolio Management as a Tool for Implementing Ecosystem-Based Fishery Management. In: Towards ecosystem based management of fisheries: what role can economics play?: Proceedings of the Seventeenth Biennial Conference of the International Institute of Fisheries Economics and Trade, July 7-11, 2014, Brisbane, Australia. Complied by Ann L. Shriver & Melissa Errend. Corvallis, OR: International Institute of Fisheries. |
