Department of Fisheries Oceanography / SMAST seminar - February 7, 2018 - Geret DePiper
When: Wednesday,
February 7, 2018
2:30 PM
-
3:30 PM
Where: New Bedford New Bedford, MA
Description: Department of Fisheries Oceanography
Coupled Bioeconomic Models in Support of Ecosystem-based Fishery Management
Geret DePiper, Ph.D.
Economist
NOAA Fisheries Northeast Fisheries Science Center
Wednesday, February 7, 2018
2:30 pm - 3:30 pm
SMAST-E rm. 101/102
836 South Rodney French Boulevard, New Bedford, MA
Abstract
The transition to ecosystem-based management necessitates the understanding of trade-offs: across both species and stocks, and ocean uses more broadly. At its core, economics is a science built around assessing trade-offs, and coupled bioeconomic models are a powerful tool in support of this objective. This seminar focuses on two examples of bioeconomic models recently developed to support fishery management in the Northeast Large Marine Ecosystem. The first case-study focuses on the issue of ecosystem service valuation, an issue of increasing importance in the transition to ecosystem-based management. In particular, the research assesses the trade-off between harvest and denitrification and nutrient sequestration in Maryland's Chesapeake Bay eastern oyster (Crassostrea virginica) fishery. Results suggest that under most conditions, optimal management includes some positive harvest level and the ecosystem services associated with denitrification and sequestration play an important role throughout. The second case-study investigates economic risk in fishery management by coupling an economic portfolio model to a biological multispecies surplus production function model. Risk is a continuing concern of fishery managers, and the NEFMC has explicitly called for "Evaluating the tradeoffs of minimizing variability while achieving the greatest overall net benefits to the nation" in their recent Risk Policy Roadmap (Risk Policy Working Group 2016). Modern portfolio theory was developed as an economic tool to assess this exact trade-off. The coupled portfolio-surplus production model can be used to both determine the harvesting strategies which generate the lowest deviation from revenue targets and to gauge the performance of alternate management strategies against the objective of system stability.
To access the live broadcasting, go to https://echo360.org/ and click on "Alternate login"
you will have to login as smast@umassd.edu with the password: smastumassd
After login you will have to click on ALL CLASSES (MAR 700 - 01 - DEOS Seminar or MAR 700 - 02 - DFO Seminar) and click on the green LIVE streaming.
To view a video of an SMAST seminar (post-October 1, 2014), go to http://www.umassd.edu/smast/newsandevents/seminarseries/ and click on a highlighted title.
For more information, please contact cfox@umassd.edu
Coupled Bioeconomic Models in Support of Ecosystem-based Fishery Management
Geret DePiper, Ph.D.
Economist
NOAA Fisheries Northeast Fisheries Science Center
Wednesday, February 7, 2018
2:30 pm - 3:30 pm
SMAST-E rm. 101/102
836 South Rodney French Boulevard, New Bedford, MA
Abstract
The transition to ecosystem-based management necessitates the understanding of trade-offs: across both species and stocks, and ocean uses more broadly. At its core, economics is a science built around assessing trade-offs, and coupled bioeconomic models are a powerful tool in support of this objective. This seminar focuses on two examples of bioeconomic models recently developed to support fishery management in the Northeast Large Marine Ecosystem. The first case-study focuses on the issue of ecosystem service valuation, an issue of increasing importance in the transition to ecosystem-based management. In particular, the research assesses the trade-off between harvest and denitrification and nutrient sequestration in Maryland's Chesapeake Bay eastern oyster (Crassostrea virginica) fishery. Results suggest that under most conditions, optimal management includes some positive harvest level and the ecosystem services associated with denitrification and sequestration play an important role throughout. The second case-study investigates economic risk in fishery management by coupling an economic portfolio model to a biological multispecies surplus production function model. Risk is a continuing concern of fishery managers, and the NEFMC has explicitly called for "Evaluating the tradeoffs of minimizing variability while achieving the greatest overall net benefits to the nation" in their recent Risk Policy Roadmap (Risk Policy Working Group 2016). Modern portfolio theory was developed as an economic tool to assess this exact trade-off. The coupled portfolio-surplus production model can be used to both determine the harvesting strategies which generate the lowest deviation from revenue targets and to gauge the performance of alternate management strategies against the objective of system stability.
To access the live broadcasting, go to https://echo360.org/ and click on "Alternate login"
you will have to login as smast@umassd.edu with the password: smastumassd
After login you will have to click on ALL CLASSES (MAR 700 - 01 - DEOS Seminar or MAR 700 - 02 - DFO Seminar) and click on the green LIVE streaming.
To view a video of an SMAST seminar (post-October 1, 2014), go to http://www.umassd.edu/smast/newsandevents/seminarseries/ and click on a highlighted title.
For more information, please contact cfox@umassd.edu
Contact: > See Description for contact information
Topical Areas: School for Marine Sciences and Technology, SMAST Seminar Series