Sushi or Fish Fingers? [2ex] How preferences for diversity affect the sustainability of fisheries

Abstract. We consider consumers’ preferences for food fish diversity in a multispecies fishery model. Studying both the long-run equilibria and the transitional dynamics of an open-access fishery we conclude that the outcome is generally less sustainable the stronger preferences for diversity are. We show that even without biological interactions the optimal landing fees for the different stocks of fish are dynamically interdependent and have to be adjusted in a non-monotonic way. One policy implication is that substantial landing fees should be levied also on a fish species with a relatively high stock if it is a substitute for an endangered species.