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Abstract
Analytical results for steady-state values of the biomass that maximises the sum of
inter-temporal economic profits (dynamic bMEY) are derived in terms of a generalised
harvesting function. The conditions under which dynamic bMEY exceeds the biomass
that maximises the sustained yield (bMSY) are evaluated under a range of conditions
including when the discount rate exceeds the intrinsic growth rate, with a variable
stock effect, technological change, and from an increase in the cost per unit of effort.
The findings show that dynamic bMSY provides both a sustainable and profitable management
target under a wide range of parameter values.