An Economic Perspective on National Standard 1
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  • Description:
    This paper provides an economic perspective on the Magnuson-Stevens Fishery Conservation and Management Act (MSA) National Standard 1 (NS1) requirement to prevent overfishing while achieving the optimum yield (OY) from each fishery. Section 1 introduces NS1, key elements of the NS1 Guidelines, and some relevant economic concepts. Section 2 relates these economic concepts to the goals of preventing overfishing and achieving OY. In that Section, OY is defined as a stable long-term average amount of desired sustainable yield, and a simple deterministic long-term sustainable economic yield model is used to determine OY. Section 3 extends the discussion to address important issues not captured in the simpler setting in Section 2, namely dynamics, uncertainty, and stock interactions. Several appendices further develop these ideas and their application to NS1. The core message of the paper is that NS1 requires considering costs and benefits, uncertainty, fishery dynamics, stock interactions, and the structure of the fishery management regime. The intent is to frame economic considerations in interpreting and implementing NS1 for agency staff, regional Fishery Management Council members and staff, and others in the broader US marine fishery management community.
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