Abstract
Summary Objectives: The aim of DefineIT is to produce operational models of fish stock dynamics that take into account: climatically induced ecosystem changes and commercial fisheries harvesting, and to combine these models with economic models that take into account broad social goals when applying values to fisheries production and management. This part of the project will develop fisheries resource indicators that combine economic, social and biological indicators that can be fed into the wider model produced by the project. Key Customer Purpose: The traditionally used indicator of economic activity is the operating economy of the fishing fleet (landing value, profit, employment). However, such indicators neither relate directly to the benefit for the whole society nor are they necessarily sustainable. Therefore, relevant indicators for the economic return in fishing must be based on a sustainable socio-economic measure. Sustainable socio-economic return does, however, only state the present return to society of the existence of a fishery, not the economic potential of the fishery. To this aim, the Maximum Economic Yield (MEY) must be determined and the socio-economic return should be associated with a move to the ecologically oriented Maximum Sustainable Yield (MSY) and simultaneous minimisation of fishing fleet determined.
United Kingdom