Scandinavian Working Papers in Economics

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

No 2014/2: Stochastic Optimization for Multispecies Fisheries in the Barents Sea

Diwakar Poudel () and Leif K. Sandal ()
Additional contact information
Diwakar Poudel: Dept. of Business and Management Science, Norwegian School of Economics, Postal: NHH , Department of Business and Management Science, Helleveien 30, N-5045 Bergen, Norway
Leif K. Sandal: Dept. of Business and Management Science, Norwegian School of Economics, Postal: NHH , Department of Business and Management Science, Helleveien 30, N-5045 Bergen, Norway

Abstract: This study presents a multispecies stochastic model. The model suggests optimal fishing policy for two species in a three species predator prey ecosystem in the Barents Sea. We have employed stochastic dynamic programing to solve a three dimensional model, where catch is optimized by a multispecies feedback strategy. Application of the model in cod, capelin and herring ecosystem in the Barents Sea shows that the optimal catch for stochastic interaction model is more conservative compared to deterministic policy. Furthermore, we found that stochasticity has strong effect on optimal exploitation policy in the prey (capelin) compared to the predator (cod) species.

Keywords: Barents Sea; Ecosystem based management; Multispecies; Stochastic optimization

JEL-codes: C61; Q22; Q57

30 pages, February 20, 2014

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