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Spanish Economic Review

, Volume 8, Issue 1, pp 1–21 | Cite as

The optimality of the Common Fisheries Policy: the Northern Stock of Hake

  • José-María Da-RochaEmail author
  • María-José Gutiérrez
Article

Abstract.

We evaluate the management of the Northern Stock of Hake during 1986-2001. A stochastic bioeconomic model is calibrated to match the main features of this fishing ground. We show how catches, biomass stock and profits would have been if the optimal Common Fisheries Policy (CFP) consistent with the target biomass implied by the Fischler's Recovery Plan had been implemented. The main findings are: i) an optimal CFP would have generated profits of more than 667 millions euros, ii) if side-payments are allowed (implemented by ITQ's, for example) these profits increase 26%.

Keywords:

Common fisheries Policy fishing regulation Fischler Recovery Plan 

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Copyright information

© Springer-Verlag Berlin/Heidelberg 2006

Authors and Affiliations

  • José-María Da-Rocha
    • 1
    Email author
  • María-José Gutiérrez
    • 2
  1. 1.Departamento de EconomíaUniversidad Carlos III de Madrid and RGEA-Universidade de VigoMadridSpain
  2. 2.DFAE IIUniversity of the Basque CountryBilbaoSpain

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