Most existing studies assessing the management of fisheries fail to check the accuracy of the parameters estimated in reproducing the observed dynamics of the resource. We present an alternative approach: assuming that the stock growth path is affected by productivity shocks that follow a Markov process, we calibrate the growth path of the resource so that the observed dynamics of resource are matched.

In this context, an efficient policy consists of applying a different exploitation rule depending on the state of the resource whereas the constant-escapement rule is not the efficient policy. This approach is applied to three different fishing grounds: the European Anchovy (Division VIII), the Southern Stock of Hake (Divisions VIIIc and IXa) and the Northern Stock of Hake (mainly Divisions VII and VIII).