The FEM Group had a joint research seminar with the Economic-Ecological Optimization Group on January 2017. Reseachers from both of the groups gave talks and the fields of fisheries and forestry management were discussed.
At the seminar, professor Olli Tahvonen gave a presentation on the economics of Baltic cod fishery, and the roles of biology, stochasticity, and harvesting technology to the fisheries management. This research has now been published in the Journal of Environmental Economics and Management. The study analytically shows that maximum sustainable yield leads to potentially serious and previously unrecognized deviation from economic optimality, as it neglects the dependence of harvesting costs on gear selectivity.