Policy management of the Italian small pelagic fishery in the Adriatic Sea: A dynamic maximum economic yield approach

The sustainability of most Mediterranean fisheries is heavily compromised, suggesting the need for an effective policy response to preserve both profitability of fleets and fish stocks in the long run. This study focuses on the Italian small pelagic fleet in the Adriatic Sea. More specifically, we focus on anchovies and sardines' stocks, which account for most of the total catches in the area in terms of landed weight. We build an optimization model aimed at estimating the discounted Maximum Economic Yield (MEY) of this fishery under selected policy scenarios ranging from effort limitations to total allowable catch (TAC) management. The model allows us to compare the bioeconomic performances of the fishery over a time span of 10 years. The results outline a trade-off between biological and economic policy targets, as well as an efficiency gap among fishing gears. This gap ultimately leads to an uneven distribution of economic benefits under restrictive policy scenarios