QuantEcon / QuantEcon/lecture-python-intro

Add a Maximum Economic Yield (MEY) section to the MSY fishery lecture

Open Beginner friendly
#764 4 comments 0 reactions 0 assignees View on GitHub

Nobody has claimed this yet.

enhancement
Dominant language
Jupyter Notebook
Stars
65
Forks
32
Avg merge
4d 14h
Merged PRs (30d)
6

Description

Follow-up to #763 (the new MSY lecture, lectures/msy_fishery.md).

The lecture stops at MSY and notes in its summary that MSY "ignores economic costs and prices." MEY is the natural next step and fits the intro level well — it's the same one-variable concave maximization, reusing the existing Gordon–Schaefer setup and parameters.

Proposal: add a short Maximum Economic Yield section (after Sustainable yield, before Randomness) covering:

  • sustainable rent $\pi(e) = p,y^*(e) - c,e$, maximized at $e_{MEY}$
  • the three reference points on one diagram: $e_{MEY} < e_{MSY} < e_{\text{open access}}$, where the open-access (zero-rent) point delivers Gordon's tragedy-of-the-commons result — currently gordon1954 is cited but this result isn't covered
  • one line tying it back to the collapse analysis: since $x_{MEY} > x_{MSY} = K/2$, MEY also leaves a larger safety buffer (more profit and more robust)
  • brief real-world case: Australia's Northern Prawn Fishery switching its target from MSY to MEY

Scope: keep it static (maximise sustainable rent). Defer dynamic/discounted MEY (Clark's modified golden rule) to the advanced series.

Refs: add grafton2007 (Grafton, Kompas & Hilborn, "Economics of Overexploitation Revisited," Science); clark1990 already in the bib.

Contributor guide

No contributing guide indexed for this repository

First steps

  1. Read the whole issue, then the project's contributing guide.
  2. Comment on the issue to say you are picking it up — it saves two people doing the same work.
  3. Fork the repository and make your change on a branch.
  4. Open a pull request that references the issue number.

Research direction

Start by reading lectures/msy_fishery.md, especially the Sustainable yield and Randomness sections, and inspect its existing Gordon–Schaefer setup and diagrams. Add the scoped static MEY section, the three-reference-point diagram, the Northern Prawn Fishery example, and the grafton2007 bibliography entry; done means the lecture and references build cleanly without introducing dynamic MEY material.

Written by the indexing model from the issue text.

Assessment

Tech stack
markdown
Domain
content, documentation
Issue type
Documentation
Difficulty
2/5
Estimated time
Half a day
Activity status
Quiet
Clarity
Clearly specified
Newbie friendliness
76/100

Get new issues in your inbox

A short digest of beginner-friendly GitHub issues.