• Ocean and Polar Research
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• v.27 no.3
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• pp.311-322
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• 2005

Fisheries buyback programs in Korea have been implemented since 1994, and their scales are estimated to be the present value of 930 billion won for the last 9 yens since 1994. The paper attempts to identify the patterns of each fish species, of which their yields can be steadily increased or significant]y decreased, and to evaluate its effective level and the optimal level for buyback programs by means of fishing capacity analysis. The paper distinguishes fish species, that there is no need to reduce the fishing efforts, such as anchovies, mackerels, squids, Spanish mackerels, and herrings, because MSY exceeds yields, from fish species to control overfishing such as file fish, yellow corvenias, young pollack, hair tail, snow crab, and pollack. The paper also suggests that 65% of the fishing efforts (total tonnages) should be cut back at the national aggregate level in order to restore fish stocks.

• Environmental and Resource Economics Review
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• v.26 no.4
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• pp.613-639
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• 2017

A Maximum Entropy (ME) Model and an Analytical Model are analyzed in assessing Kapenta stock in Lake Kariba. The ME model estimates a Maximum Sustainable Yield (MSY) of 25,372 tons and a corresponding effort of 109,731 fishing nights suggesting overcapacity in the lake at current effort level. The model estimates a declining stock from 1988 to 2009. The Analytical Model estimates an Acceptable Biological Catch (ABC) annually and a corresponding fishing mortality (F) of 1.210/year which is higher than the prevailing fishing mortality of 0.927/year. The ME and Analytical Models estimate a similar biomass in the reference year 1982 confirming that both models are applicable to the stock. The ME model estimates annual biomass which has been gradually declining until less than one third of maximum biomass (156,047 tons) in 1988. It implies that the stock has been overexploited due to yieldings over the level of ABC compared to variations in annual catch, even if the recent prevailing catch levels were not up to the level of MSY. In comparison, the Analytical Model provides a more conservative value of ABC compared to the MSY value estimated by the ME model. Conservative management policies should be taken to reduce the aggregate amount of annual catch employing the total allowable catch system and effort reduction program.

• Environmental and Resource Economics Review
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• v.28 no.2
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• pp.277-306
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• 2019

Mackerel is one of the most widely consumed aquatic products in Korea. Concerns about the depletion of stocks have also arisen as the catch has decreased. The primary purpose of this study is to estimate the mackerel stock and derive the optimal level of catch in Korea. We apply a generalized maximum entropy econometric method to estimate the mackerel growth function, which does not require the steady state assumption. We incorporate a bootstrapping approach to derive the significance levels of parameter estimates. We found that the average ratio of catch to the estimated total stock was less than 30% before the 1990s but exceeded 40% in the 1990s. After 2000, it dropped back to about 36%. This finding indicates that mackerel may have been over-fished in the 1990s, but the government regulations introduced in the 2000s alleviated over-fishing problems. Nevertheless, our dynamic optimization analysis suggests that the total allowable catch may need to be carefully controlled to achieve socially optimal management of resources.

• Environmental and Resource Economics Review
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• v.25 no.4
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• pp.517-543
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• 2016

This study aims to analyze economic impacts for changes in the oil cost of the anchovy boat seine fisheries in South Korea. As analytical approach, this study employs the exponential surplus production model to estimate the maximum sustainable yield and also utilizes the bioeconomic model to calculate changes in producer surplus of the anchovy boat seine fisheries under the open access responding to changes in the oil cost. As the result of analysis, increases in the oil cost due to prohibition of duty-free oil supply result in the negative impacts to the producer surplus of the anchovy boat seine fisheries in South Korea. However, increases in the oil cost of the anchovy boat seine fisheries lead voluntary exit to fishermen which can no more run their business. As a result, this study shows that fishing efforts of the anchovy boat seine fisheries reduce under the fishing efforts of the maximum sustainable yield ($F_{MSY}$) and stock of the anchovy increases.

• Environmental and Resource Economics Review
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• v.29 no.3
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• pp.363-388
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• 2020

The purposes of this study are to not only estimate optimal harvests and efforts using the surplus production methods for Spanish mackerel caught by multiple fishing gears, but provide dynamic optimal fisheries management for these gears using the current value Hamiltonian method. To achieve the above purposes this study uses several models such as Gavaris's general linear model for standardizing fishing efforts, surplus production method for estimating biological and technological coefficients, current value Hamiltonian method for estimating dynamic optimal harvest and efforts, and sensitivity analysis for diagnosing economic influences of these fisheries. As a result, this study showed that Spanish mackerel was overfished by multiple fishing gears based on surplus production method and the current value Hamiltonian method. Also, this study found that when the price and cost proportionally changed, the optimal harvest and fishing effort sensitively responded to the stock level of Spanish mackerel. Next, this study suggested that the multiple fishing gears for Spanish mackerel should reduce unnecessary costs such as operating time or inefficient fuel consumption. Finally, this study provided reasons Spanish mackerel should be included in the TAC system in a view of profit maximization based on sustainable use of the Spanish mackerel.

• Environmental and Resource Economics Review
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• v.15 no.1
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• pp.71-94
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• 2006

Reducing fishing capacity is one of hot issues in the world fisheries. Increased fishing capacity causes not only fish stocks to be depleted, but also additional fishing costs to be incurred, resulting in reductions of fishing profits. In order to achieve a sustainable and profitable development of fisheries, it is inevitable to reduce fishing capacity. For this reason, FAO adopted 'the International Plan of Action for the Management of Fishing Capacity' and recommended member countries to estimate fishing capacity and to implement the policy to reduce fishing capacity. This study is aimed at measuring fishing capacity of Large Purse Seines Fishery using a Data Envelopment Analysis (DEA). The DEA result showed that the practical catch of large purse seine fishery in 2003 was 158,662 tons, but the capacity output for current input was 318,397 tons. The capacity utilization is about 50%, it is obvious the capacity did not utilize enough. The sensitivity analysis on DEA results indicated that the number of ships (including tonnage and horse power) should be scrapped by 50% or days fished should be reduced by 63% if the present catch remained. In addition, if the catch remains at the MSY base level of large purse seines, the analysis suggested that the number of ships (including tonnage and horse power) should be reduced by 30%, otherwise days fished should be reduced by 60%.

• Environmental and Resource Economics Review
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• v.31 no.4
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• pp.451-480
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• 2022

The Japanese Flying Squid (Todarodes pacificus) is a commercially important species in South Korea and the most popular species among consumers. However commercial catches of Japanese Flying Squid have been declining since 2000. In this study, we conducted a stock assessment to identify stock status. This study differed from previous studies in two aspects: a greater amount of available fishing effort data was used, and data from China, Japan, and Korea were included. A CMSY (catch-maximum sustainable yield) model was used to estimate MSY, biomass and exploitation with Bayesian state-space implementation of the Schaefer (BSS) model for the method of stock assessment, and evaluated the species by dividing into two groups, 'Korea' and ' Korea·China·Japan'. In all cases, Japanese flying squid biomass showed a general decreasing trend. Additionally, the biomass estimated for 2020 was lower than the biomass necessary to achieve the maximum sustainable yield. To manage Japanese Flying Squid effectively, it is necessary to strengthen the resource management strategies of individual countries and prepare a cooperative plan among countries.

• Ocean and Polar Research
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• v.27 no.3
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• pp.323-333
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• 2005

The paper is to serve as a guide for deciding on a desirable direction for the vessel buyback program, reviewing their performance and economic effects from fish harvest reduction due to not reaching MSY. Compared with maximum willingness to pay for vessel buyback programs designed to avoid economic losses occurring as a result of overfishing, the portions of investment costs for buyback program are so small comparatively to the range of 0.32% to 12.19% at the annual base. The economic loss effects occurred in terms of the reduction of fishing harvest are comprehensively estimated at the present value of 30,877 billion won since 1971, and exceeded the revenues for fish harvests from 1999. In order to resole fish stocks through a vessel buyback program, this paper recommends that the yield should be reduced to less than the intrinsic growth rate. Otherwise, the buyback program policy eventually fails regardless of the temporal effect of benefits. This paper further argues that technical policy tools such as fishing grounds, fishing seasons, size of fish and minimum size of meshes should be effectively utilized.