0 EVALUATING TRADE-OFFS IN AN ECOSYSTEM-BASED FISHERY MANAGEMENT PARADIGM: AN EXPLORATION THROUGH ANALYSIS OF THE ATLANTIC BUTTERFISH AND LONGFIN SQUID FISHERIES By

The Mid-Atlantic Fishery Management Council, our client for this masters project, is evaluating how best to transition from a primarily single-species management approach to an integrated multi-species management paradigm. In this connection, we explore how economic considerations may be incorporated into an integrated multi-species management approach by focusing on two closely associated stocks managed by the Council: longfin squid and Atlantic butterfish. We take several different approaches in our analysis of the two fisheries, our ultimate objectives being (i) to characterize the behavior of the fleets based upon historical landings data and geospatial analysis; and (ii) to provide the Council with insight into the potential impact of management constraints and ecosystem interactions on economic benefits in the fisheries. To illustrate potential impacts to economic benefits, we develop a two-species bioeconomic model and derive optimal harvest levels for the stocks, taking into account varying degrees of management constraints and ecosystem interactions. Based upon our analysis of landings data, we found that the Council’s allocation of the longfi