How Behavioral Economics Could Save Both the Fishing Industry and the Oceans

Read the full post at the HBR Blog Network.

It’s frightening enough that 87% of the world’s assessed fisheries are fully or over-exploited. But it is even scarier to consider how little we know about the condition of most of the world’s fisheries, because four-fifths of them have never been scientifically assessed. A recent study in the journal Science is providing fresh insights into thousands of fisheries where data has not been previously available. These “data poor” fisheries make up 80% of the world’s catch — and many are on the brink of collapse.

Despite the dire news, there is a bright spot in the study. The authors conclude that the ocean is nowhere near a lost cause and with the right management tools, the abundance of fish could increase by 56%. In some places, the study says, fisheries yields could more than double.

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