This article examines the role of risk aversion on the sustainable management of mixed fisheries. We consider a bio-economic model of multiple species harvested by a single fleet with uncertain costs of effort. We assume that the regulatory agency aims at reaching MMEY (Multispecies Maximum Economic Yield) by maximizing the expected utility of total profits, where the utility function captures risk aversion. We show analytically that such a risk-averse MMEY mitigates the risk of biological and economic overexploitation of the different species and thus of biodiversity loss. However excessively high risk aversion also may also lessen food production at MMEY. Thus, risk aversion implies a trade-off between different bio-economic goals. These findings are illustrated with the case study of the Australian South East Fishery, where intermediate risk aversion levels allow for balanced bio-economic management objectives, therefore fostering sustainability.

本文研究了风险规避对混合渔业可持续管理的作用。我们考虑由单个船队收获的多个物种的生物经济模型，其工作成本不确定。我们假设监管机构的目标是通过最大化总利润的预期效用来达到 MMEY（多物种最大经济收益），其中效用函数捕捉风险厌恶。我们分析表明，这种规避风险的 MMEY 减轻了对不同物种的生物和经济过度开发的风险，从而减轻了生物多样性丧失的风险。然而，过高的风险规避也可能会减少 MMEY 的粮食产量。因此，风险规避意味着不同生物经济目标之间的权衡。澳大利亚东南渔业的案例研究说明了这些发现，