Question

With the increase in fishing effort, what is the correct sequence of the following that occur in a typical marine fishery ?

• A. Maximum sustainable yield -- Maximum economic yield -- Open access equilibrium
• B. Maximum economic yield -- Open access equilibrium -- Maximum sustainable yield
• C. Maximum sustainable yield -- Open access equilibrium -- Maximum economic yield
• D. Maximum economic yield -- Maximum sustainable yield -- Open access equilibrium

Hint:

With increasing effort, the economic peak (MEY) is always reached first, followed by the biological peak (MSY), and finally the zero-profit point (OAE).

Answer 1

The Correct Option is D

Step 1: Understanding the Concept:
Bioeconomic models (such as the Gordon-Schaefer model) describe the relationship between fishing effort, biological yield, and economic revenue in a commercial fishery.
As fishing effort increases from zero, different biological and economic milestones are reached in a specific, predictable order.

Step 2: Detailed Explanation:
Let us trace the milestones with increasing fishing effort (\(E\)):
1. Maximum Economic Yield (MEY): This is the level of effort where the economic rent (total revenue minus total cost) is maximized. Since cost increases linearly with effort, MEY always occurs at a relatively lower level of effort where the profit margin is highest.
2. Maximum Sustainable Yield (MSY): As effort increases beyond MEY, the physical catch continues to increase until it reaches its absolute biological peak. This point is MSY, representing the maximum biomass of fish that can be harvested annually without depleting the stock.
3. Open Access Equilibrium (OAE): If there are no regulations (open access), new fishers continue to enter the fishery as long as it is profitable. Effort increases beyond MSY until total costs equal total revenues, reducing net economic profits (rent) to zero. This is the OAE point, where the fishery is both economically and biologically overexploited.
Thus, the correct sequential order with increasing fishing effort is: Maximum economic yield \(\rightarrow\) Maximum sustainable yield \(\rightarrow\) Open access equilibrium.

Step 4: Final Answer:
The correct sequence is Maximum economic yield -- Maximum sustainable yield -- Open access equilibrium.