Application of a bioeconomics model to examine sustainability of fishery resources in the global market: The case of octopus resource in Morocco

A study was conducted to examine the longterm relationship among price of fish, harvest level, and resource condition using a bioeconomics model. Data on the annual amount of production and prices of octopus (Octopus vulgaris) in Morocco from 1970 to 2006 are plotted on a diagram to trace annual changes of price and production. The plotted pattern suggests a long-term movement of the yield-price equilibrium along the line of a theoretical long-term supply function curve of the bioeconomics model. The plotted data also suggests that there are four stages of resource exploitation for octopus in Morocco: (1) the underexploited stage from 1970 to 1987 which is characterized by small catch and low prices, (2) the maximum sustainable yield (MSY) stage from 1988 to 1998 which is characterized by moderate catch and intermediate prices, (3) the overexploited stage from 1999 to 2001 which is characterized by large catch and intermediate prices, and (4) the reduced stock stage after 2002 which is characterized by small catch and high prices. This result is consistent with the independent scientific research information on octopus harvested in Morocco. Our study indicates that an analysis of market information (i.e., amount of production and price) could be an effective tool in identifying approximate status of fishery resources.