The Norwegian bottom-trawl fleet is managed through individual vessel quotas and is generally engaged in codfish fisheries, where several species contribute to the revenue of the fishery. The revenue from the fishing exhibits substantial intra-annual variation and carries a significant degree of risk due to the presence of intrinsic volatilities in the marine environment, such as seasonal fluctuations in stock size and constant changes in market conditions over the course of a year. In the face of volatile revenue, fishers may allocate fishing effort and use a quota portfolio to minimize revenue risk. However, decisions underlying effort allocation, such as when to fish what and how much to harvest to match the catch size and remaining quota, are challenging. In this regard, a decision-making framework based on a bio-economic model is used to explore the revenue risk minimization behavior of the Norwegian codfish trawl fleet targeting three different species (cod, saithe, and haddock), given the constraints set by the quotas. The study comprises trawl catches and fishing effort as well as the prices for the frozen products of codfish to investigate the adopted harvest strategy under two different scenarios. The results indicate that a risk-minimizing strategy leads to inefficient allocation of fishing quotas and fishing effort and that potential economic losses from minimizing revenue risk outweigh the benefits. Moreover, our findings prove that enhancing revenue is more important than minimizing revenue risk for the trawlers. We argue that the spatial and temporal freedom of the trawl vessels, together with a vertically integrated trawl industry, may explain the prioritization of revenue enhancement over revenue risk minimization. The seasonal spawning aggregation of NEA cod and how this affects market prices shape the trawlers’ harvest strategy of increasing fishing revenue.

挪威底拖网船队是通过单个船只配额管理的，通常从事银鳕鱼渔业，其中几种鱼类为该渔业贡献了收入。由于海洋环境内在波动性的存在，例如种群数量的季节性波动和一年中市场状况的不断变化，捕捞收入每年出现较大的年度变化，并具有很大程度的风险。面对收入波动，渔民可能会分配捕捞努力并使用配额组合来最大程度地减少收入风险。但是，基于工作量分配的决策（例如何时捕捞什么和收获多少以匹配渔获量和剩余配额）是具有挑战性的。在这方面，在配额限制的前提下，基于生物经济模型的决策框架用于探索针对三种不同物种（鳕鱼，赛德鱼和黑线鳕）的挪威鳕鱼拖网船队的收益风险最小化行为。该研究包括拖网捕捞和捕捞努力以及银鳕鱼冷冻产品的价格，以研究两种不同情况下采用的捕捞策略。结果表明，风险最小化战略导致捕捞配额和捕捞努力分配效率低下，而使收入风险最小化带来的潜在经济损失超过了收益。此外，我们的发现证明，增加收益比将拖网渔船的收益风险最小化更为重要。我们认为拖网船的时空自由度 与垂直整合的拖网行业一起，可以解释收入增强优先于收入风险最小化的优先次序。NEA鳕鱼的季节性产卵聚集以及这如何影响市场价格，决定了拖网渔船增加捕鱼收入的收获策略。