Comparing size-limit and quota policies to increase economic yield in a lobster fishery

To advance economic and sustainability objectives in a lobster fishery, four broadly different management policies were evaluated: minimum and maximum size limits, constant catch quotas, and quota set yearly in proportion to the previous year's catch per unit effort (CPUE). The performance of each policy was evaluated based on its discounted economic yield, together with egg production, catch, and catch stability. Maximum size limits performed poorly for all indicators. Raising the minimum size increased economic yield by improving yield-per-recruit. Output controls, both constant and dynamic, uniformly outperformed size limits, leading to substantially higher economic yield and egg production. A dynamic harvest control rule, setting quota in proportion to the previous year's catch rate, achieved the highest economic yield, catch, and egg production over 20 years. The optimal (30%) exploitation rate under this policy produced a 182% improvement in economic yield compared with a baseline strategy of only minimum size, but led to a mean year-to-year change in quota of 11.5% in response to yearly variable recruitment. This quota-setting management regime is straightforward to implement, using only catch rate as input. When absolute exploitation rate estimates are not available, this quota-setting harvest control rule can be constructed using only a target level of effort.