Optimal effort controls for the multispecies groundfish complex in New England: what might have been
Age-structured models are used to calculate catches and revenues of the principal stocks in the northeast multispecies groundfish fishery over the 19821997 period assuming alternative control rules on fishing effort had been employed. Various static levels of nominal effort are compared with controls that maintain fishing mortality below overfishing thresholds for all stocks. An unambiguous result from this analysis is that substantial reductions in fishing effort would have increased the value of the fishery even if resulting increases in spawning stock biomass (SSB) had not increased recruitment. Simple controls on nominal effort designed to maximize revenues would have provided nearly equivalent revenues to those achieved by maintaining fishing mortality for each stock at its individual maximum sustainable yield (FMSY) but would have led to overfishing of some stocks. Without the ability to tune the relative catches across stocks, strict controls on effort designed to prevent overfishing on individual stocks would likely have resulted in significantly lower and more variable revenues. Achieving SSB targets for three stocks would not have been possible given the observed recruitment.