“logMSY” and optimal harvesting control rules: New tools for the implementation of the European Common Fisheries Policy

Abstract

The reform of the European Common Fisheries Policy (CFP) aims to restores and maintains fish resources at levels which can produce the maximum sustainable yield (MSY) not later than 2015. In this paper we show why if MSY is used as reference point, optimal management may entail pulse fishing. This means that current management of the European fisheries is based on metrics that may generate solutions that would not be accepted as feasible due to the large social costs implied. We discuss why changes in the metrics used to define the reference point (the logMSY) and/or optimal harvesting control rules that stabilize the employment and the biomass around the optimal stationary values are two possible solutions of this paradox. The European Union should take into account all these considerations for the CFP reform proposals.