Reference Points for Optimal Yield: A Framework for Assessing Economic, Conservation, and Sociocultural Tradeoffs in Ecosystem-Based Fishery Management

We propose a conceptual framework for evaluating fishery management performance using conservation, economic, and sociocultural metrics. We develop a value function that weights outcomes for each measure based on their relative importance to decision makers and show how it can be derived from fundamental economic principles (the latter initially in collaboration with Mark Plummer). This approach allows one to explore how Optimal Yield, as mandated by the Magnuson-Stevens Act, varies with biological, economic, and sociocultural weightings.