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Optimal Management of the Northern Atlantic Bluefin Tuna

This paper analyzes the optimal management of the Northern Atlantic bluefin tuna, both eastern and western stocks. The analysis is based on a deterministic multi-gear and age-structured bioeconomic model. In order to assess the importance of the gear structure in this fishery, the model is optimized in two scenarios. In the first, the strategies are restricted to the gear mix of the base year, whereas in the second, the optimal gear mix is estimated. For both scenarios, optimal constant strategies are determined. The corresponding optimal use is then compared with an open-access scenario. Also, optimal non-constant strategies are explored. As expected, the gear structure of the fishery proved to be highly relevant in the optimal payoffs. In particular, the unrestricted strategies yield rents substantially higher than the restricted ones. Also, the optimal management of the bluefin tuna fishery, in both the East and West Atlantic, would imply significant reallocation of the gear shares.