A bio-economic analysis of harvest control rules for the Northeast Arctic cod fishery

► We examine harvest control rules (HCRs) for Northeast Arctic cod, the world's largest cod stock. ► The bio-economic model is detailed and estimated with long-term data. ► The currently used HCR is compared with alternatives optimizing profit, welfare or yield. ► The currently used HCR comes very close to the one that maximizes profits. ► Maximizing yield leads to un-precautionary low levels of biomass.