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Do species interactions and stochasticity matter to optimal management of multispecies fisheries?

Poudel, Diwakar; Sandal, Leif Kristoffer; Steinshamn, Stein Ivar; Kvamsdal, Sturla Furunes
Working paper
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URI
http://hdl.handle.net/11250/164167
Date
2012-01
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  • Discussion papers (FOR) [514]
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.
Publisher
Norwegian School of Economics. Department of Finance and Management Science
Series
Discussion paper;2012:1

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