Fig. 1. End-state cod biomass (year 2000) resulting from optimal catch strategies, maximizing the net present value at various discount rates. Modeling was performed using the Ecopath software suite (www.ecopath.org). A Monte Carlo procedure was used to vary basic Ecopath parameters (biomass, production, and consumption) for all species groups (n = 20, CV = 0.2). Error bars indicate ±1 standard deviation around the mean. The broken line shows the real-world cod biomass in 2000, as estimated by virtual population analysis. This ecosystem model was adapted from Ainsworth and Sumaila (2005).