An efficient portfolio approach towards ecosystem-based fisheries governance in EU
نویسندگان
چکیده
In the framework of multispecies fisheries governance, main objective this paper is to apply modern portfolio theory (MPT) North-East Atlantic European fisheries, including all key commercial fish species subject total allowable catches (TAC) and quota regimes within EU. This done, first, quantifying inherent return risk potential portfolios and, secondly, estimating an individual constrained financial efficient frontier (FEF) for each nine fishing countries in Atlantic. Unlike previous studies field economics, due its major robustness under non-normality presence fat tails, we are using Conditional Value-at-Risk (CVaR) instead conventional mean-variance optimization (MVO) as method solve problem minimizing a set alternative constraints so obtain respective FEFs. Our results show that changing distribution, it would be possible improve efficiency, say, simultaneously get increasing returns decreasing levels. Moreover, efficiency gain compatible with specific transfers among countries.
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ژورنال
عنوان ژورنال: Fisheries Research
سال: 2022
ISSN: ['0165-7836', '1872-6763']
DOI: https://doi.org/10.1016/j.fishres.2022.106427