Reference Points and Optimal Management in Stochastic Age-Structured Fisheries Models

The purpose of this article is to characterize dynamic optimal harvesting trajectories that maximize discounted utility assuming an age-structured population model, in the same line as Tahvonen (2009). The main novelty of our study is that uses as an age-structured population model the standard stochastic cohort framework applied in Virtual Population Analysis for fish stock assessment. This allows us to compare optimal harvesting in a discounted economic context with standard reference points used by fisheries agencies for long term management plans (e.g. Fmsy). Our main findings are the following. First, optimal steady state is characterized and sufficient conditions that guarantees its existence and uniqueness for the general case of n cohorts are shown. It is also proved that the optimal steady state coincides with the traditional target Fmsy when the utility function to be maximized is the yield and the discount rate is zero. Second, an algorithm to calculate the optimal path that easily drives the resource to the steady state is developed. And third, the algorithm is applied to the Northern Stock of hake. Results show that management plans based exclusively on traditional reference targets as Fmsy may drive fishery economic results far from the optimal.

Consumer Confidence and Yield Spreads in Europe

This paper shows the extraordinary capacity of yield spreads to anticipate consumption growth as proxy by the Economic Sentiment Indicator elaborated by the European Commission in order to predict turning points in business cycles. This new evidence complements the well known results regarding the usefulness of the slope of the term structure of interest rates to predict real economic conditions and, in particular, recessions by using a direct measure of expectations. A linear combination of European yield spreads explains a surprising 93.7% of the variability of the Economic Sentiment Indicator. Yield spreads seem to be a key determinant of consumer confidence in Europe.

Explosive Hyperinflation, Inflation Tax Laffer Curve and Modelling the use of Money

This paper analyzes the existence of an inflation tax Laffer curve (ITLC) in the context of two standard optimizing monetary models: a cash-in-advance model and a money in the utility function model. Agents’ preferences are characterized in the two models by a constant relative risk aversion utility function. Explosive hyperinflation rules out the presence of an ITLC. In the context of a cash-in-advance economy, this paper shows that explosive hyperinflation is feasible and thus an ITLC is ruled out whenever the relative risk aversion parameter is greater than one. In the context of an optimizing model with money in the utility function, this paper firstly shows that an ITLC is ruled out. Moreover, it is shown that explosive hyperinflations are more likely when the transactions role of money is more important. However, hyperinflationary paths are not feasible in this context unless certain restrictions are imposed.

Is there a Phillips Curve in the US and the EU15 Countries? An empirical investigation

This paper studies the comovement between output and inflation in the EU15 countries. Following den Haan (2000), I use the correlations of VAR forecast errors at different horizons in order to analyze the output-inflation relationship. The empirical results show that eight countries display a significant positive comovement between output and inflation. Moreover, the empirical evidence suggests that a Phillips curve phenomenom is more likely to be detected in countries where inflation is more stable.

The ecological basis of fishery yield of the Puerto Rico-Virgin Islands Insular Shelf: 1987 Assessment

A literature review was conducted to locate information on the flow of energy from primary producers to the fishery stocks of the Puerto Rican-Virgin Islands insular shelf. This report uses site-specific information to describe the major ecological subsystems, or habitats, of the region, to identify the more common species and the subsystems in which they occur, to quantify productivity and biomass, and to outline trophic relationships. Discussions on each topic and subsystem vary in substance and detail, being limited by the availability and accessibility of information. (PDF contains 189 pages) Seven distinct subsystems are described: mangrove estuary, seagrass bed, coral reef, algal plain, sand/mud bottom, shelf break, and overlying pelagic. Over 50 tables provide lists of species found in each habitat on various surveys dating back to 1956. Estimates of density, relative abundance, and productivity are provided when possible. We evaluated whether sufficient information exists to support an analysis of the energy basis of fishery production in the area, beginning with the design and development of an ecosystem model. Data needs in three categories - species lists, biomass, and trophic relations - were examined for each subsystem and for each of three species groups - primary producers, invertebrates, and fish. We concluded that adequate data, sufficient for modeling purposes, are available in 16 (25%) of 64 categories; limited data, those requiring greater extrapolation, are available in 35 (55%) categories; and no data are available in 13 (20%) categories. The best-studied subsystems are seagrass beds and coral reefs, with at least limited data in all categories. Invertebrates, the intermediate link in the food web between primary producers and fishes, are the least quantified group in the region. Primary production and fishes, however, are relatively well-studied, providing sufficient data to support an ecosystem-level analysis and to initiate a modeling effort.

Exploring Tangible Benefits of e-Learning: Does investment yield interest?

This publication summarises the outcomes of that work which was funded by the JISC Learning and Teaching Committee through its e-Learning Programme. The result is, we believe, a celebration of the diversity in the sector and shows the effectiveness of a range of approaches. Most importantly it shows that it is possible to address the thorny question of defining tangible benefits.

Year class mortality, abundance and yield-per-recruit of yellowfin tuna in the eastern Pacific Ocean, 1954-1959

ENGLISH: One primary duty of the Inter-American Tropical Tuna Commission is to estimate the maximum sustainable catches of yellowfin tuna (Neothunnus macropterus) and skipjack (Katsuwonus pelamis), and to investigate and recommend proposals to maintain the stocks at levels which will permit these catches to be obtained. To do this, there is required some means of predicting yields relative to fishing intensity. . . The age composition of catch, and growth rate of yellowfin tuna for recent years have now been estimated (Hennemuth, 1961). In this paper, relative abundance at age of yellowfin tuna shall be estimated -and used, in turn, to estimate total mortality rate. Yield-per-recruit calculations, based on Beverton and Holt's (1957) simple equation, will be presented to compare present utilization with theoretical maxima under varying levels of fishing mortality and different ages at first capture. SPANISH: Uno de los principales deberes de la Comisión Interamericana del Atún Tropical es estimar las pescas máximas sostenibles de los atunes aleta amarilla (Neothunnus macropterus) y barrilete (Katsuwonus pelamis) , así como estudiar y recomendar proposiciones para mantener los stocks a niveles que permitan obtener estas pescas. Para lograr este propósito se requieren algunos medios que permitan predecir el rendimiento en relación con la intensidad de la pesca. . La composición de edades de la pesca y la tasa de crecimiento del atún aleta amarilla en años recientes han sido estimadas ahora (Hennemuth, 1961). En este trabajo, la abundancia relativa a una edad dada de esta especie será estimada y usada, a su vez, para estimar la tasa de mortalidad total. Los cálculos del rendimiento por recluta, basados en la ecuación simple de Beverton y Holt (1957), serán presentados para comparar la utilización actual con los máximos teóricos bajo valores variables de mortalidad por la pesca y a diferentes edades a la primera captura.

Codend selection of winter flounder Pseudopleuronectes americanus

Codend selection of winter flounder (Pseudopleuronectes americanus) in 76-127 mm mesh codends was examined from experiments conducted in Long Island Sound during the spring of 1986-87. The results show a slightly larger size at selection than was found in earlier work as indicated by the selection factor, 2.31 in the present study compared with 2.2 and 2.24 from previous studies. Diamond mesh was found to have a length at 50% retention about 1 cm longer (Lso =22.6 cm), and a selection range (3.4 cm) about 1 cm narrower, than square mesh in 102-mm codends. Tow duration varied from 1 to 2 hours using 114-mm diamond mesh. As has been found in previous studies, tow duration and Lso are positively related, with I-hour tows averaging 24.6 cm and 2-hour tows averaging 26.6 cm. The importance of the slope of the selection curve was examined in yield-per-recruit analyses by comparing knife-edge and stepwise recruitment. In all mesh sizes, stepwise recruitment provides a more conservative estimate of yield in the presence of a minimum size limit. Differences in yield estimates between the two models were generally small (1-7%), except in the largest mesh size, 127 mm, where yield is overestimated by 10% when assuming knife-edge recruitment. (PDF file contains 16 pages.)

Survival, growth, and yield of brown trout stocked as fingerlings in Hot Creek, California

Four groups of fin clipped brown trout (Salmo trutta) fingerlings were planted in Hot Creek over a six year period. Survival and growth were estimated by fall and/or spring mark-and-recapture surveys. Yield to the angler for two of the tour groups stocked was estimated by stratified random creel surveys. Fingerling survival from the midsummer stocking period to fall averaged 51 %. Overwinter survival from young-of-the-year to yearling fish averaged 49%. Angler harvest of two groups of fingerlings stocked at densities of 16,082 fish/mile averaged 1,704 trout/mile (10.6%) and 194 lbs/acre. Abundant cover and microhabitat suitable tor young trout, ice-free winters, and rapid growth were factors viewed as contributing to high yields. Results do not suggest a change is needed in the general policy of not stocking brown trout fingerlings in California streams. Results do show that fingerlings stocked in Hot Creek, and presumably other productive streams with abundant cover, can effectively fill a void created by limited recruitment. (PDF contains 24 pages.)

An Algebraic Preservation Theorem for Aleph-Zero Categorical Quantified Constraint Satisfaction

23 p. -- An extended abstract of this work appears in the proceedings of the 2012 ACM/IEEE Symposium on Logic in Computer Science