Supply side uncertainty and the management of commercial fisheries:: Peruvian Anchovetta,an illustration

Variations in fish stocks are at the heart of the difficulties in managing commercial fisheries. The Peruvian Anchovetta fishery provides an excellent illustration of the problems posed to the industry and government regulators by wide swings in abundance associated with climatic change. This note gives a quantitative measure of the linkage between the Enso index (El Nı̃no) and stock abundance. In doing so it opens up the question of the relative efficiency of current management techniques, such as ITQ's, as management tools. Finally, it questions the utility of using small pelagics as fish meal.