Do Species Interactions and Stochasticity Matter to Optimal Management of Multispecies Fisheries?

Diwakar Poudel, Leif Sandal (leif.sandal@nhh.no), Stein Ivar Steinshamn and Sturla F. Kvamsdal (sturla.kvamsdal@nhh.no)
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Sturla F. Kvamsdal: Dept. of Finance and Management Science, Norwegian School of Economics and Business Administration, Postal: NHH , Department of Finance and Management Science, Helleveien 30, N-5045 Bergen, Norway, http://www.nhh.no/Default.aspx?ID=11323

No 2012/1, Discussion Papers from Norwegian School of Economics, Department of Business and Management Science

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 stocks´ 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 (search for similar items in EconPapers)
JEL-codes: Q20 Q22 (search for similar items in EconPapers)
Pages: 34 pages
Date: 2012-01-30
New Economics Papers: this item is included in nep-env and nep-res
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Citations: View citations in EconPapers (4)

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