Discussion Papers, Department of Finance and Management Science, Norwegian School of Economics (NHH)
No 2007/29:
Optimal Fishing Policy for Two Species in a Three-Species Predator-Prey Model The case of Capelin, Cod and Juvenile Herring in the Barents Sea
Sigurd Aanestad ()
, Leif K. Sandal ()
and Arne Eide ()
Abstract: This paper presents a management model for the Barents Sea
capelin and cod fisheries including juvenile herring in the biological
model as the young herring influences the cod-capelin system. The objective
of the study is to balance model-complexity of biology and economics when
investigating possible optimal catch strategies given that one aims to
maximize economic rent in the fishery. The three species constitute a
highly dynamic system, also because prey-predation relations are functions
of ages within each stock. A top-down approach is employed and the
biological growth equations relate to stock biomass estimates. Economic
relations are based on empirical data and previous studies. Optimal fishing
strategies are identified by employing a numerical feedback rule for
optimal fishing through dynamic programming. The feedback rule suggests
that previous TAC (total allowable catch) levels on average have been too
large for both capelin and cod over the past 30 years, according to the
management objectives assumed in the study. Moreover, presence of some
herring in the system is important for the economic yield although the
herring fishery is closed. This indicates that a focus only on the
capelin-predator role of herring is too narrow, as herring is also an
important prey for cod.
Keywords: Biological growth equations; numerical feedback rule; dynamic programming; (follow links to similar papers)
JEL-Codes: C61; (follow links to similar papers)
31 pages, December 22, 2007
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