Do Species Interactions and Stochasticity Matter to Optimal Management of Multispecies Fisheries?
AbstractThe 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.
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Bibliographic InfoPaper provided by Department of Finance and Management Science, Norwegian School of Economics in its series Discussion Papers with number 2012/1.
Length: 34 pages
Date of creation: 30 Jan 2012
Date of revision:
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More information through EDIRC
Bioeconomic model; multispecies; species interaction; time-continuous stochasticity;
Find related papers by JEL classification:
- Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General
- Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-03-28 (All new papers)
- NEP-ENV-2012-03-28 (Environmental Economics)
- NEP-RES-2012-03-28 (Resource Economics)
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