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What are some economic research techniques to analyze the impact of overfishing on the economy?

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Overfishing is a serious threat to the health of marine ecosystems and the livelihoods of millions of people who depend on fish for food and income. How can economists measure the economic impact of overfishing and propose solutions to prevent it? In this article, you will learn about some of the research techniques that economists use to analyze the effects of overfishing on the economy.

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Rupert Douglas-Bate

Board Member, Specialising in In-Country Resilience Development and Senior Executive Coaching in the AI and Technology…

1 Cost-benefit analysis

One of the most common techniques that economists use to evaluate the impact of overfishing is cost-benefit analysis (CBA). CBA compares the costs and benefits of different scenarios, such as continuing with the current fishing practices, reducing fishing effort, or implementing conservation measures. The costs and benefits can include both market and non-market values, such as the price of fish, the income of fishers, the recreational value of marine tourism, and the ecological value of biodiversity. By using CBA, economists can estimate the net benefits of each scenario and recommend the optimal level of fishing that maximizes social welfare.

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Rupert Douglas-Bate

Board Member, Specialising in In-Country Resilience Development and Senior Executive Coaching in the AI and Technology Sector
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An excellent cost benefit study would be to compare land farmed fish production versus sea farmed or sea caught fish. Land farming has potentially very good environmental benefits. No fishing lines or nets are lost at sea. No antibiotics or anti sea lice chemicals could be used as it’s a closed system. The farm can be run on renewable energy. The jobs in the farm are a lot safer than working on a fishing boat on the high seas.

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2 Bioeconomic modeling

Another technique that economists use to analyze the impact of overfishing is bioeconomic modeling. Bioeconomic modeling combines biological and economic data to create mathematical models that simulate the dynamics of fish stocks and fishing fleets. Bioeconomic models can capture the feedback effects between fish population, fishing effort, and fish price, as well as the effects of environmental factors, such as temperature, pollution, and habitat loss. By using bioeconomic models, economists can predict the future outcomes of different fishing policies and management strategies, such as quotas, taxes, subsidies, or marine protected areas.

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3 Choice experiments

A third technique that economists use to analyze the impact of overfishing is choice experiments. Choice experiments are a type of survey method that asks respondents to choose between different alternatives that vary in certain attributes, such as price, quality, quantity, or environmental impact. Choice experiments can elicit the preferences and willingness to pay of consumers, producers, or policy makers for different fish products or conservation options. By using choice experiments, economists can measure the demand and supply of fish and the trade-offs that people are willing to make to avoid overfishing.

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4 Input-output analysis

A fourth technique that economists use to analyze the impact of overfishing is input-output analysis. Input-output analysis is a method that traces the flows of goods and services between different sectors of the economy, such as agriculture, industry, and services. Input-output analysis can estimate the direct and indirect effects of overfishing on the output, income, and employment of various sectors, as well as the multiplier effects that result from changes in spending and production. By using input-output analysis, economists can assess the regional and national impacts of overfishing and the potential benefits of alternative development paths.

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Rupert Douglas-Bate

Board Member, Specialising in In-Country Resilience Development and Senior Executive Coaching in the AI and Technology Sector
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How about an insightful study on fish supply from inland farms versus wild sources ? Like the UK soap tv series The Archers, that showcased UK agricultural development under the guise of village intrigue, such a documentary could examine current social & cultural mores, and help shift the balance towards land farming of fish and taking the strain off wild stocks. This would help bring economics & economic theory out of the dusty cabinet into the real world of ordinary people.

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5 Game theory

A fifth technique that economists use to analyze the impact of overfishing is game theory. Game theory is a branch of mathematics that studies the strategic interactions among rational agents who have conflicting or cooperative interests. Game theory can model the behavior and incentives of fishers, consumers, regulators, and other stakeholders who are involved in the exploitation and conservation of fish resources. By using game theory, economists can identify the factors that lead to overfishing, such as the tragedy of the commons, the race to fish, or the prisoner's dilemma, and the solutions that can promote cooperation, such as contracts, norms, or institutions.

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Rupert Douglas-Bate

Board Member, Specialising in In-Country Resilience Development and Senior Executive Coaching in the AI and Technology Sector
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Inland an awful lot of wet fish is wasted due to shelf life expiry. This adds unnecessary pressure on wild fish stocks. What about an experimental study, to look at the merits of customer education about the merits of snap frozen fish, and if less of which will be wasted compared to wet fish. Perhaps the study could consider the influence of master chefs on the consumption of snap frozen fish.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Rupert Douglas-Bate

Board Member, Specialising in In-Country Resilience Development and Senior Executive Coaching in the AI and Technology Sector
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Piracy does not happen in isolation. Overfishing is often the trigger. Large countries, including China, Russia, and Spain have taken to sending large trawlers to fish off the coastlines of developing nations. This deprives artisanal fisherman of their livelihoods. The result can be piracy and attacks on large merchant container ship vessels, and this has a significant and detrimental effect on the economies of all the stakeholders associated with these container ships. East and West African coastal states are impacted this way.

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What are some economic research techniques to analyze the impact of overfishing on the economy?

1

2

3

4

5

6

1 Cost-benefit analysis

2 Bioeconomic modeling

3 Choice experiments

4 Input-output analysis

5 Game theory

6 Here’s what else to consider

Economics

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What are some economic research techniques to analyze the impact of overfishing on the economy?

1

2

3

4

5

6

1 Cost-benefit analysis

2 Bioeconomic modeling

3 Choice experiments

4 Input-output analysis

5 Game theory

6 Here’s what else to consider

Economics

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