Exploited marine fish and invertebrate stocks fluctuate in a myriad of
complex patterns, exhibiting variability on interannual, decadal, and
longer time scales. To characterize various patterns of variation, ti
me series of catch, catch per unit effort, or biomass from 30 stocks w
ere examined with a variety of statistical methods including autocorre
lation analysis and Lowess smoothing. A hierarchical cluster analysis
classified the stocks into six identifiable groups: steady-state; low-
variation, low-frequency; cyclic; irregular; high-variation, high-freq
uency; and spasmodic. The observed patterns are consistent with life h
istory traits; for example, stocks with high variability are generally
small, pelagic species whereas low-variability stocks are generally s
low-growing, demersal fish. Each of the six general patterns of variab
ility can be produced from a simple multiple-equilibrium population mo
del by varying the intrinsic rate of population growth, and the time s
cale and amplitude of environmental variability. Suitable management p
olicies depend on the type of variation observed, and the vast majorit
y of stocks examined do not correspond to the steady-state assumptions
of classical fisheries models. For example, management of spasmodic s
tocks may alternate between periods of active exploitation and periods
of rebuilding, a process enhanced by the existence of alternative fis
heries.