MEY and MSY in a General Equilibrium
构建了一个生物经济可计算一般均衡模型，分析韩国某渔业在追求最大经济产量和最大可持续产量时的经济与福利影响，发现一般均衡下最大经济产量低于局部均衡，且追求最大经济产量常降低整体福利，而最大可持续产量则提升福利。
Most studies have focused on the effects of targeting Maximum Economic Yield (MEY) in fisheries using a partial equilibrium (PE) approach, which fails to assess the economy-wide effects and welfare impacts on society by overlooking the interactions between the fishing and non-fishing sectors. To address this limitation, this study develops a bioeconomic computable general equilibrium (CGE) model for a local fishery in Korea, embedded within a dynamic optimization framework, to calculate the economic and welfare effects of targeting MEY and Maximum Sustainable Yield (MSY). The CGE model considers varying degrees of the economy’s openness regarding factor mobility and commodity trade while determining the input and output prices endogenously. Next, this study conducts various simulations to assess the model’s sensitivity to different assumptions and bioeconomic parameters. This study reveals, among others, that in the steady state, the MEY is significantly lower in the GE model than in the PE model in most simulations, and that aiming for MEY often leads to a decrease in overall welfare in many simulations, while targeting the MSY typically enhances it. The study highlights the importance of employing a GE approach for accurately assessing the economy-wide effects of achieving the fishery management targets.