Abstract
"Mechanism 1" has two aspects: catches taken at a given rate of exploitation are greater when rate of exploitation has been increasing than when it has been steady or decreasing; also, the yield taken from the progeny of a spawning of a given size is greater when rate of exploitation has been increasing than when it has been steady or decreasing. "Mechanism 2" is the fact that mixtures of stocks of unequal productivity, when harvested together, produce smaller recruitments than single stocks of the same original size and having the same optimum rate of exploitation. In addition, any fishery for a valuable species is likely to develop beyond the optimum rate of exploitation because there is no easily detectable symptom that the optimum is being passed. When this has happened, maximum sustainable yield (MSY) will not be achieved immediately if the optimum rate is imposed subsequent to a period of overexploitation; rather there will be a gradual approach to MSY that extends over several generations after the optimum rate is established. Both of the two mechanisms above, plus the likelihood of unrecognized overfishing, make for a catch maximum while fishing is still on the increase. For salmon this maximum is likely to be 30–60% greater than the sustainable yield. In addition, unavoidable difficulties of management make for even greater differences between the historical maximum and the mean equilibrium yield that can be achieved in practice. Good annual prediction of recruitment can improve this picture because rate of exploitation can then be adjusted to the quantity of fish available; however this procedure too is much less effective when mixtures of stocks are fished in common, because in general the recruitments to different stocks do not vary in exactly the same way. The phenomena described may also contribute to an historical early maximum of catch in fisheries for species such as cod, being independent of and additional to the maximum caused by "removal of accumulated stock."

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