ABSTRACT
In theory, at least, most fisheries are managed through the use of biological rather than bioeconomic criteria. Hence, total allowable catches (TACs) are to a greater degree based on maximum sustainable yield (MSY) and not maximum economic yield (MEY). On the other hand, the division of TAC to different fishing groups is usually completely left to political decision-making. Often, however, the allocations to various groups in a fishery have both biological and economic implications, and thus call for the application of bioeconomic criteria for decision-making. A central objective of this work is to quantify the economic loss that may result from sub-optimal determination and allocation of TAC in a fishery. This issue is pursued in the context of the exploitation of the North-east Arctic cod by trawlers and coastal vessels.
