The value of information in fisheries management: North Sea herring as an example

We take a decision theoretical approach to fisheries management, using a Bayesian approach to integrate the uncertainty about stock dynamics and current stock status, and express management objectives in the form of a utility function. The value of new information, potentially resulting in new control measures, is high if the information is expected to help in differentiating between the expected consequences of alternative management actions. Conversely, the value of new information is low if there is already great certainty about the state and dynamics of the stock and/or if there is only a small difference between the utility attached to different potential outcomes of the alternative management action. The approach can, therefore, help when deciding on the allocation of resources between obtaining new information and improving management actions. In our example, we evaluate the value of obtaining hypothetically perfect knowledge of the type of stock-recruitment function of the North Sea herring (Clupea harengus) population.