Fisheries Reference Points under Varying Stock Productivity and Discounting: European Anchovy as a Case Study

European anchovy (Engraulis encrasicolus) is the main commercially exploited fish stock in the Black Sea region, providing a vital source of livelihood and revenue for local communities and national economies. In recent decades, the Black Sea anchovy stock has faced many human-induced threats, including overfishing, eutrophication, invasive species, and climate change while these threats have raised concerns about the status and long-term productivity of the stock. To ensure sustainable levels of exploitation under potential future changes in stock productivity, we here estimate and compare a suite of biological and economic reference points under different levels of stock productivity and discount rates using an age-structured bioeconomic model setup. Our model simulations showed that optimal fishing mortalities achieving maximum sustainable yield (F_MSY) and maximum economic yield (F_MEY) increase at higher stock productivity but are always lower than the historically high mean levels of exploitation. Furthermore, we illustrate that the stock biomass at maximum economic yield (B_MEY) is larger than the stock biomass at maximum sustainable yield (B_MSY) at all stock productivities and discount rates, except at low stock productivity under high levels of discounting (i.e., 10%, 20%). By illustrating the ecological and economic benefits of reducing exploitation rates, we expect that our estimated reference points can add value to the decision-making process for the management of the European anchovy fishery and ensure long-term sustainable management even under future climate-driven changes in stock productivity.