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Sustainable yield is the amount of a resource that humans can harvest without over-harvesting or damaging a potentially renewable resource. [1]In more formal terms, the sustainable yield of natural capital is the ecological yield that can be extracted without reducing the base of capital itself, i.e. the surplus required to maintain ecosystem services at the same or increasing level over time. [2]
In fisheries terms, maximum sustainable yield (MSY) is the largest average catch that can be captured from a stock under existing environmental conditions. [21] MSY aims at a balance between too much and too little harvest to keep the population at some intermediate abundance with a maximum replacement rate.
Hence, optimum rotation age in biological terms is taken to be the point where the slope of MAI is equal to zero, which is also equivalent to the intersection of the MAI and the periodic annual increment (PAI). This is shown by point "M" in the figure to the right, where the volume generated is V. Beyond the age A, the MAI, starts to decline.
University of Maryland School of Public Policy professor and former Chief Economist for the World Bank Herman E. Daly (working from theory initially developed by Romanian economist Nicholas Georgescu-Roegen and laid out in his 1971 opus "The Entropy Law and the Economic Process") suggested the following three operational rules defining the condition of ecological (thermodynamic) sustainability:
In population ecology and economics, optimum sustainable yield is the level of effort that maximizes the difference between total revenue and total cost. Or, where marginal revenue equals marginal cost. This level of effort maximizes the economic profit, or rent, of the resource being used.
The concept of maximum sustainable yield (MSY) has been used in fisheries science and fisheries management for more than a century. Originally developed and popularized by Fedor Baranov early in the 1900s as the "theory of fishing," it is often credited with laying the foundation for the modern understanding of the population dynamics of fisheries. [1]
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While in financial management the term ROI refers to a single ratio, unlike Social Earnings Ratio (S/E Ratio), SROI analysis does not necessarily refer not to one single ratio but more to a way of reporting on value creation. It bases the assessment of value in part on the perception and experience of stakeholders, finds indicators of what has ...