Targets and Limits for Management of Fisheries: A Simple Probability-Based Approach

Abstract Precautionary fishery management requires that a distinction be made between target and limit reference points. We present a simple probability framework for deriving a target reference point for the fishing mortality rate (F) or biomass (B) from the corresponding limit reference point. Our framework is a generalization of one devised previously by Caddy and McGarvey (1996). Both methods require an a priori management decision on the allowable probability of exceeding the limit reference point; our method removes a major assumption by accounting for the uncertainty in the limit reference point. We present the theory underlying the method, an algorithm for solution, and examples of its application. The new procedure, like the old, requires an estimate of the implementation uncertainty expected in the following year's management, an estimate that might be obtained by a review of the effectiveness of past management actions. Either method can be implemented easily on a modern desktop computer. Our g...