One important measurement issue concerns the fat tails problem that I mentioned earlier. VAR is concerned with extreme outcomes. If the tails of the probability distributions we are using are too thin, our VAR measures are likely to be too low. ↗
The swimmer adrift on the open seas measures his strength, and strives with all his muscles to keep himself afloat. But what is he to do when there is no land on the horizon, and none beyond it? ↗
Without sound conservation and management measures, fisheries will quickly become depleted and a basic component of global food security will be lost. ↗