The Minister understands that open access is inefficient and risks “crashing” the fishery and she intends
to provide some protection from over-depletion by imposing a minimum biomass level.
? A biological adviser has suggested that setting harvest at maximum sustainable yield [MSY]
would be best because it would maximise perpetual volume of fish harvested.
? Another adviser has suggested that it would be better to target maximum static economic yield
[MSEY] because it would maximise perpetual net income (profit) from the fishery.
The Minister has asked you to estimate the impacts of these two policies relative to continuing with open