Redefining the maximum sustainable yield for the Schaefer population model including multiplicative environmental noise.

The focus of this article is to investigate the biological reference points, such as the maximum sustainable yield (MSY), in a common Schaefer (logistic) surplus production model in the presence of a multiplicative environmental noise. This type of model is used in fisheries stock assessment as a first-hand tool for biomass modelling. Under the assumption that catches are proportional to the biomass, we derive new conditions on the environmental noise distribution such that stationarity exists and extinction is avoided. We then get new explicit results about the stationary behavior of the biomass distribution for a particular specification of the noise, namely the biomass distribution itself and a redefinition of the MSY and related quantities that now depend on the value of the variance of the noise. Consequently, we obtain a more precise vision of how less optimistic the stochastic version of the MSY can be than the traditionally used (deterministic) MSY. In addition, we give empirical conditions on the error variance to approximate our specific noise by a lognormal noise, the latter being more natural and leading to easier inference in this context. These conditions are mild enough to make the explicit results of this paper valid in a number of practical applications. The outcomes of two case-studies about northwest Atlantic haddock [Spencer, P.D., Collie, J.S., 1997. Effect of nonlinear predation rates on rebuilding the Georges Bank haddock (Melanogrammus aeglefinus) stock. Can. J. Fish. Aquat. Sci. 54, 2920-2929] and South Atlantic albacore tuna [Millar, R.B., Meyer, R., 2000. Non-linear state space modelling of fisheries biomass dynamics by using Metropolis-Hastings within-Gibbs sampling. Appl. Stat. 49, 327-342] are used to illustrate the impact of our results in bioeconomic terms.