University of Rhode Island Department of Environmental and Natural Resource Economics
The paper reports the results of a bioeconomic analysis of the exploitation of a recently discovered orange roughy stock located off Tasmania. The parameters of the model are based on the experience derived from the orange roughy fisheries in New Zealand where stocks have been heavily exploited. The model is used to predict the open-access equilibrium stock, and to calculate the stock which maximizes the net present value and the stock level consistent with the F,,, Rule. Assuming a linear approach path, the net present value of the fishery at each of these stocks is calculated. The results are used to estimate the benefit of management and the cost of a conservative stock policy. It is suggested that the results will contribute to the development of a management policy for the Tasmanian stock, and for stocks which are likely to be discovered elsewhere.