Abstract
The industrial pelagic fishery of pacific sardine and anchovy from northern Chile was analysed through a bioeconomic approach including statistical data from the fishery (catch and effort between 1980 and 1991) and economic data (costs, revenues, investment and employment between 1988 and 1995) using a Gordon-Schaefer model. The economic data allowed us to conclude that costs from the fleet, fishmeal industry and canning industry decreased during the studied period. The financial investment occurred in two different periods. During the first period, investment increased between 1988 and 1991, and during the second period, between 1991 and 1995, investment decreased, which might be explained by a drop in fishmeal yield, catches and money exchange rate. The biological and economic reference points determined by the Gordon-Schaefer model showed that the fleet has harvested above both the effort in maximum economic yield (E MEY ) and effort in open access ( E OA ), while catches have exceeded the Maximum Sustainable Yield (MSY). These results are discussed in terms of the theoretical model's limitations to explain the functioning of the pelagic fishery fleet under backward-forward integration. It is hypothesized that more complex bioeconomic models would be subjected to identical limitation, because they would inadequately represent the integrated economic rationality of the industrial fishery. Some future worklines on the same topic are proposed.
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