The cost of overfishing and management strategies for new fisheries on slow-growing fish:: orange roughy (Hoplostethus atlanticus) in New Zealand

The history of orange roughy (Hoplostethus atlanticus) stocks, primarily in New Zealand and Australia, is commonly used as an example of the inability to manage fisheries resources. We review the history and status of the New Zealand orange roughy fishery and show that the total loss of potential biological yield from overfishing is no more than 8.3% (1260 tonnes (t)center dot year(-1)) of the potential yield. The losses from underfishing are estimated to be 810 t center dot year(-1). We consider the biological and economic consequences of alternative management approaches to the New Zealand orange roughy fishery. We suggest that given the uncertainty in stock abundance and productivity and market and processing capacity limits, the management of New Zealand orange roughy stocks has been close to economically optimal and has produced near maximum sustainable yield from the resource.