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

Author

Listed:
  • Poudel, Diwakar

    () (Dept. of Finance and Management Science, Norwegian School of Economics and Business Administration)

  • Sandal, Leif K.

    () (Dept. of Finance and Management Science, Norwegian School of Economics and Business Administration)

  • Steinshamn, Stein I.

    () (Dept. of Finance and Management Science, Norwegian School of Economics and Business Administration)

  • Kvamsdal, Sturla F.

    () (Dept. of Finance and Management Science, Norwegian School of Economics and Business Administration)

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.

Suggested Citation

  • Poudel, Diwakar & Sandal, Leif K. & Steinshamn, Stein I. & Kvamsdal, Sturla F., 2012. "Do Species Interactions and Stochasticity Matter to Optimal Management of Multispecies Fisheries?," Discussion Papers 2012/1, Norwegian School of Economics, Department of Business and Management Science.
  • Handle: RePEc:hhs:nhhfms:2012_001
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    File URL: http://hdl.handle.net/11250/164168
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    References listed on IDEAS

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    2. Kenneth L. Judd, 1998. "Numerical Methods in Economics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262100711, January.
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    Cited by:

    1. Poudel, Diwakar & Sandal, Leif K., 2014. "Stochastic Optimization for Multispecies Fisheries in the Barents Sea," Discussion Papers 2014/2, Norwegian School of Economics, Department of Business and Management Science.
    2. Ekerhovd, Nils-Arne & Kvamsdal, Sturla F., 2017. "Up the ante on bioeconomic submodels of marine food webs: A data assimilation-based approach," Ecological Economics, Elsevier, vol. 131(C), pages 250-261.

    More about this item

    Keywords

    Bioeconomic model; multispecies; species interaction; time-continuous stochasticity;

    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

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