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Department of Business and Management Science, Norwegian School of Economics (NHH) Discussion Papers, Department of Business and Management Science, Norwegian School of Economics (NHH)

No 2012/1:
Do Species Interactions and Stochasticity Matter to Optimal Management of Multispecies Fisheries?

Diwakar Poudel (), 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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