Balancing bio-economic risks and high profit expectations is often a major concern in fisheries management. We examine this trade-off in the context of the Australian Northern Prawn Fishery (NPF). The fishery derives its revenue from different prawn species with different dynamics and recruitment processes. A multi-species bio-economic and stochastic model is used to examine the trade-offs between mean profitability of the fishery and its variance, under a range of economic scenarios, fishing capacities and distributions of fishing effort across the various sub-fisheries that comprise the NPF. Simulation results show that the current fishing strategy diversifying catch across sub-components of the fishery entails a compromise between expected performance and risk. Furthermore, given the current economic conditions, increases in fleet size would improve the expected economic performance of the fishery, but at the cost of increased variability of this performance.

Item Type:	Refereed Article
Keywords:	Bio-economic modelling; Uncertainty; Risk-performance trade-offs,Fishing strategy, Northern Prawn Fishery
Research Division:	Agricultural and Veterinary Sciences
Research Group:	Fisheries Sciences
Research Field:	Fisheries Management
Objective Division:	Animal Production and Animal Primary Products
Objective Group:	Fisheries - Aquaculture
Objective Field:	Fisheries - Aquaculture not elsewhere classified
Author:	Jennings, SM (Dr Sarah Jennings)
ID Code:	91601
Year Published:	2014
Web of Science® Times Cited:	15
Deposited By:	Tasmanian School of Business and Economics
Deposited On:	2014-05-22
Last Modified:	2017-11-04
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