Reference points

Reference points for fisheries management

Exploring equilibriums in a graphical representation of the Gordon-Schaefer-model	Download Wolfram Demonstrations to explore the different reference equilibriums
Maximum sustainable yield (MSY) The Maximum Sustainable Yield (MSY) is an equilibrium situation without any economic interpretation. It maximises harvest production and as such it has relevance for the food supply situation in an area. Biological overfishing is defined by the MSY equilibrium, as overfishing in biological sense occurs at levels of fishing effort beyond the MSY effort.
Open access equilibrium The bioeconomic equilibrium is referred to as Open Access Equilibrium.
Maximum economic yield (MEY) Economic rent is maximised and maximum economic yield is obtained when the marginal revenue equals marginal cost (including opportunity costs of all input factors in production of fishing effort).
Maximizing present value of all future rents dsds