Institute for the Oceans and Fisheries professor, Dr. Rashid Sumaila, received a Peter Benchley Ocean Award for Excellence in Science at a gala ceremony held on May 11, 2017 in Washington, D.C., at the Smithsonian’s National Museum of Natural History and Sant Ocean Hall.The Benchley Ocean Awards are the world’s preeminent ocean awards, and are often referred to as the “Academy Awards for the ocean.”
Dr. Sumaila received this award in recognition for work looking at how economics, through integration with ecology and other disciplines, can be used to help ensure that ocean resources are sustainably managed for the benefit of both current and future generations. In his work he has applied game theory to fisheries, rethought the nature of the discount rates applied in marine resource valuations and formulating a highly original alternative (i.e. intergeneration discount rates), and undertaken extensive research on the effects of government subsidies on global fisheries. He has also worked on estimating the benefits of rebuilding global fish stocks and setting up marine reserves.