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The economic value of environmental data: a notional insurance scheme for the European anchovy

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Title: The economic value of environmental data: a notional insurance scheme for the European anchovy
Authors: Maria Rincon, M
Mumford, JD
Levontin, P
Leach, AW
Ruiz, J
Item Type: Journal Article
Abstract: Anchovy population dynamics in the Gulf of Cádiz are governed by environmental processes. Sea surface temperature, intense easterly winds, and discharges from the Guadalquivir River have been identified as key factors determining early life stage mortality in this anchovy stock. We have constructed an environment-based recruitment model that simulates the abundance of juveniles under alternative parameters representing plausible biological hypotheses. We are able to evaluate how modelling environment-based recruitment can affect stock assessment and how responding to environmental information can benefit fishery management to allow greater average catch levels through the application of harvest control rules (HCRs) based on environmental conditions. While the environment-based rules generally increase allowable catch levels the variance in catch levels also increases, detracting from the improved value based only on average yield. In addition to changes in revenue, the probability of stock collapse is also reduced by using environmental factors in HCRs. To assess the value of these management systems we simulate a notional insurance scheme, which applies a value to both average yields and uncertainty. The value of the information-driven rules can be determined by comparing the relevant premiums payable for equal levels of insurance cover on revenue within each specific management regime. We demonstrate the net value of incorporating environmental factors in the management of anchovies in the Gulf of Cádiz despite the increased variability in revenue. This could be an effective method to describe outcomes for both commercial fisheries and ecosystem management policies, and as a guide to management of other species whose dynamics are predictable based on in-season observations.
Issue Date: 2-Feb-2016
Date of Acceptance: 14-Dec-2015
URI: http://hdl.handle.net/10044/1/56075
DOI: https://dx.doi.org/10.1093/icesjms/fsv268
ISSN: 1054-3139
Publisher: Oxford University Press (OUP)
Start Page: 1033
End Page: 1041
Journal / Book Title: ICES Journal of Marine Science
Volume: 73
Issue: 4
Copyright Statement: This is a pre-copyedited, author-produced PDF of an article accepted for publication in ICES Journal of Marine Science following peer review. The version of record Margarita María Rincón, John D. Mumford, Polina Levontin, Adrian W. Leach, Javier Ruiz; The economic value of environmental data: a notional insurance scheme for the European anchovy, ICES Journal of Marine Science, Volume 73, Issue 4, 1 March 2016, Pages 1033–1041 is available online at: https://dx.doi.org/10.1093/icesjms/fsv268
Sponsor/Funder: Commission of the European Communities
Commission of the European Communities
Funder's Grant Number: 289257
Keywords: Science & Technology
Life Sciences & Biomedicine
Physical Sciences
Marine & Freshwater Biology
Gulf of Cadiz and European anchovy
harvest control rule
MD Multidisciplinary
Publication Status: Published
Appears in Collections:Centre for Environmental Policy
Faculty of Natural Sciences