Cover; Half Title; Title; Copyright; Contents; Acknowledgments; About the Authors; Abbreviations; Overview; 1 Introduction: Trends in Global Fisheries and Fisheries Governance; The original Sunken Billions (2009); Approach and scope of this updated study; Current trends in global fisheries; Fisheries governance and management; Notes; References; 2 Basic Approach: The Bio-Economic Model and Its Inputs; Characteristics of the model; Basic structure of the model; Core functions of the model; Estimation of model inputs; Notes; References; 3 The Sunken Billions Revisited: Main Results Main resultsSensitivity analysis and confidence intervals; Regional analysis of the estimated sunken billions; Notes; References; 4 Dynamics of Global Fisheries Reform: Recovering the Sunken Billions; Evolution of global fisheries between 2004 and 2012; Different pathways to the optimal state for global fisheries; A temporary reduction in benefits; Recovering the sunken billions: The way forward; Notes; References; Appendix A: Basic Approach and Methodology; The bio-economic model; Maximizing net benefits; Accounting for model inaccuracy; Note; References; Appendix B: The Bio-Economic Model 1.1 The evolving international legal fisheries regime4.1 Accounting for fish wealth in Mauritania; Figures; O.1 State of global marine fish stocks, 1974-2013; O.2 Incremental benefits of global fisheries reform: Projected dynamics of Evolution of biomass under current and moderate paths; O.3 Distribution of sunken billions, by region; O.4 Sources of economic benefits from moving to the optimal sustainable state for global fisheries; 1.1 Global trends in biological states of fish stocks, 1974-2013; 1.2 Global marine catches 1950-2012 1.3 Evolution of global marine catches by species group, 1950-20121.4 Average catch per fisher per year; 1.5 Estimated global average fish prices; 1.6 Global fish production, 1950-2012; 2.1 Maximum sustainable yield and maximum economic yield; 2.2 Structure of the bio-economic model; 3.1 Breakdown of 2012 sunken billions estimate: Sources of additional economic benefits in the optimal sustainable state; 3.2 Sensitivity of estimated foregone benefits to the model inputs; 3.3 Regional distribution of total sunken billions; 4.1 Kobe diagram for fishing effort and biomass, 2004 and 2012.