Pulse vs. optimal stationary fishing: the Northern stock of hake

Abstract

Pulse fishing may be a global optimal strategy in multicohort fisheries. In this article we compare pulse fishing solutions obtained by using global numerical methods with the analytical stationary optimal solution. This allows us to quantify the potential benefits associated with the use of periodic fishing in the Northern Stock of hake. Results show first that management plans based exclusively on traditional reference targets such as Fmsy may drive economic results for fisheries far away from the optimal; second, that global optimal solutions would imply the cyclical closure of fisheries for some periods; and third, that second best stationary policies with stable employment only reduce the optimal present value of discounted profit by 2%.