Maximum economic yield

Analytical results for steady-state values of the biomass that maximises the sum of inter-temporal economic profits (dynamic b_MEY) are derived in terms of a generalised harvesting function. The conditions under which dynamic b_MEY exceeds the biomass that maximises the sustained yield (b_MSY) are evaluated under a range of conditions including when the discount rate exceeds the intrinsic growth rate, with a variable stock effect, technological change, and from an increase in the cost per unit of effort. The findings show that dynamic b_MSY provides both a sustainable and profitable management target under a wide range of parameter values.