Midterm + fishery
Begin with the midterm on Monday, then resume Lecture 6 at page 19, “Why Is MSY Still Useful?” Review the role of MSY, then compare fisheries management rules and the incentives they create.
Focus
- Midterm exam on Monday
- Fishery dynamics and sustainable harvest
- Fisheries policy and institutions
Prepare
- Review the course material before Monday’s exam
- Continue TL Chapter 8 and Lecture 6 from page 19
- Review the growth, harvest, and effort graphs
Practice
- Complete the midterm independently
- Predict stock adjustment from growth and harvest
- Compare fisheries rules and their incentives
Guiding question
How can a fishery generate lasting benefits without harvesting faster than the stock can recover?
Learning targets
- Use growth and harvest graphs to explain the direction of fish-stock adjustment.
- Distinguish maximum sustainable yield from an economically efficient sustainable outcome.
- Connect fishing effort to sustainable catch, revenue, cost, and entry incentives.
- Compare catch limits, catch shares, and other management rules, including monitoring and distributional trade-offs.
Lecture slides
Click inside a slide preview, then use:
- ←/→ or ↑/↓ to move through the slides;
- M to open the menu;
- F to enter fullscreen;
- E to enter or exit PDF export mode;
- Ctrl + Shift + F to search the slides;
- T to switch between light and dark mode; and
- Esc to exit the menu or fullscreen.
This week’s materials
TL refers to Tietenberg and Lewis, Natural Resource Economics: The Essentials, 2nd edition. Chapter numbers on this page follow that edition, not the larger Environmental and Natural Resource Economics textbook.
After the midterm, continue TL Chapter 8 — Common-Pool Resources: Commercially Valuable Fisheries.
Coming next
Week 10 begins Valuing Nature I, introducing nonmarket benefits, use and nonuse values, and stated- and revealed-preference methods.