Alaskan fishing community revenues and the stabilizing role of fishing portfolios |
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| Institution: | 1. Alaska Pacific University, Department of Environmental Science, 4101 University Drive, Anchorage, AK 99508, United States;2. University of Alaska-Anchorage, Institute of Social and Economic Research 3211 Providence Drive, Anchorage, AK 99508, United States;1. Stockholm Resilience Center, Stockholm University, 10691 Stockholm, Sweden;2. Swedish University of Agricultural Sciences, Department of Aquatic Resources, Institute of Marine Research, 54330 Lysekil, Sweden;1. Public Research Centre Henri Tudor (CRPHT)/Resource Centre for Environmental Technologies (CRTE), 6A, avenue des Hauts Fourneaux, L-4362 Esch-sur-Alzette, Luxembourg;2. Peruvian LCA Network, Faculty of Engineering, Pontificia Universidad Católica del Perú, 1801 Avenida Universitaria, San Miguel, Lima 32, Peru;1. Department of Accounting and Finance, Unitec Institute of Technology, Private Bag 92025, Mt Albert, Auckland, New Zealand;2. Department of Civil Engineering, Unitec Institute of Technology, Private Bag 92025, Mt Albert, Auckland, New Zealand;1. Consultancy, Beaverton, OR, USA;2. Resource Ecology and Fisheries Management Division, Alaska Fisheries Science Center, National Marine Fisheries Service, National Oceanic and Atmospheric Administration, 7600 Sand Point Way NE, Seattle, WA 98115-6349, USA;3. Northern Economics, Inc. 880 H Street, Suite 210, Anchorage, AK 99501, USA;1. Department of Biology, University of Victoria, PO Box 1700 STN CSC, Victoria, BC, Canada V8W 2Y2;2. Raincoast Conservation Foundation, Sidney, BC, Canada V8L 3Y3;1. Environmental Science Research Institute, University of Ulster, Cromore Road, Coleraine BT52 1SA, UK;2. ARC Centre of excellence for Environmental Decisions, School of Biological Sciences, University of Queensland, Brisbane, St. Lucia, QLD 4072, Australia;3. School of the Environment, Flinders University, South Australia 5042, Australia |
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| Abstract: | Fishing communities are subject to economic risk as the commercial fisheries they rely on are intrinsically volatile. The degree to which a community is exposed to economic risk depends on a community?s ability to confront and/or alter its exposure to volatile fishery conditions through risk-reduction mechanisms. In this article, economic risk – as measured by community-level fishing gross revenues variability – is characterized across Alaskan fishing communities over the past two decades, and exploratory analyses are conducted to identify associations between community attributes and revenues variability. Results show that communities’ fishing portfolio size and diversification are strongly related to fishing revenues variability. Communities with larger and/or more diverse fishing portfolios experience lower fishing revenues variability. Portfolio size and diversification appear to be related to the number of local fisheries, indicating that communities’ portfolios may be constrained to the set of local fisheries. Hotspots of relatively higher fishing revenues variability for communities in north and west Alaska were identified, mirroring the spatial distribution of fishery-specific ex-vessel revenues variability. This overall pattern suggests that a community?s fishing portfolio – and hence its exposure to risk – may be “predetermined” by its location, thereby limiting the policy options available to promote economic stability through larger and/or more diverse fishing portfolios. For such communities, diversifying income across non-fishing sectors may be an important risk reduction strategy, provided any potential negative cross-sector externalities are addressed. |
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| Keywords: | Fishing community Portfolio Economic risk Alaska |
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