- 114 - 



scientific knowledge of the fisheries, and assume rebuilding 

 of several stocks as well as effective conservation and 

 management of all stocks. 



Based on existing knowledge of resource dynamics and 

 past observations of the effects of various rates of exploi- 

 tation on resource abundance. Table IV projects the average 

 annual harvesting potential thought consistent with the long 

 term resource productivity from stocks covered by the Agreement, 

 Because these potential levels are averages, in any given 

 year or years actual harvests may exceed or fall below them, 

 provided the average itself is maintained over time. Given 

 the management uncertainties involved, simultaneous maximiza- 

 tion of yields for all stocks covered by the Agreement is not 

 likely, and may not even be biologically possible. For the 

 purposes here, however, the simplifying assumption is made 

 that simultaneous maximization can be achieved. 



By applying each country's percentage-share entitlements 

 to these potential harvest levels it is possible to estimate 

 (1) the extent to which existing levels differ from potential 

 levels, and (2) the relative distribution of benefits under 

 the Agreement at these potential levels. 



Estimating the value of these potential harvests in 

 the long term presents a more difficult problem. Since, for 

 the most part, the potential catch levels shown in Table IV 

 represent significant increases beyond existing levels, it 



