Discussion Papers, Department of Business and Management Science, Norwegian School of Economics (NHH)
Do Species Interactions and Stochasticity Matter to Optimal Management of Multispecies Fisheries?
(), Leif K. Sandal
(), Stein I. Steinshamn
() and Sturla F. Kvamsdal
Abstract: The multispecies fisheries management looks at a bigger
picture in addressing the long-term consequences of present decisions. This
implies an ecosystem management that includes a number of species and their
physical, biological and economic interactions. These interactions make the
growth of resources stochastic and increase complexity in understanding
stock dynamics and optimal catch for such a stochastic and multiple stocksī
system. To address the issue of identifying optimal catch of stochastically
growing multi stocks, we have formulated and applied a time-continuous
stochastic model. The model contributes to multispecies bioeconomic
management of marine ecosystems. An application of model in a predator-prey
relationship in Barent Sea revealed that the optimal catch for
stochastically growing stocks in a multispecies interaction model is
different from the deterministic model.
Keywords: Bioeconomic model; multispecies; species interaction; time-continuous stochasticity; (follow links to similar papers)
JEL-Codes: Q20; Q22; (follow links to similar papers)
34 pages, January 30, 2012
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