A cooperative solution for the three-nation problem of exploitation of the southern bluefin tuna

Abstract

This paper is concerned with the management of the southern bluefin tuna (SBT) fishery. The problem involves three countries exploiting the fishery, namely Australia, Japan, and New Zealand. Each country faces different economic conditions and may pursue different policies concerning their fishing effort, catch quotas, etc., to achieve their specific goals. To avoid overexploitation of the fishery, the three countries set up a trilateral commission that provides a framework for negotiations on catch quotas. The ultimate goal of this study is to help to provide answers as to what the level of quotas should be. As a first step in that direction, we consider a solution that maximizes the sum of the benefit functions of the parties involved. In particular, we report that SBT quotas higher than the current ones can be allocated to the interested parties provided that the stock has achieved a better demographic structure, which consists of having more older fish than at present.