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

  • 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)

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.

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File URL: http://hdl.handle.net/11250/164168
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Paper provided by Department of Business and Management Science, Norwegian School of Economics in its series Discussion Papers with number 2012/1.

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Length: 34 pages
Date of creation: 30 Jan 2012
Date of revision:
Handle: RePEc:hhs:nhhfms:2012_001
Contact details of provider: Postal: NHH, Department of Business and Management Science, Helleveien 30, N-5045 Bergen, Norway
Phone: +47 55 95 92 93
Fax: +47 55 95 96 50
Web page: http://www.nhh.no/en/research-faculty/department-of-business-and-management-science.aspx
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  1. R. Quentin Grafton & Leif K. Sandal & Stein Ivar Steinshamn, 2000. "How to Improve the Management of Renewable Resources: The Case of Canada's Northern Cod Fishery," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 82(3), pages 570-580.
  2. James Sanchirico & Michael Springborn, 2011. "How to Get There From Here: Ecological and Economic Dynamics of Ecosystem Service Provision," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 48(2), pages 243-267, February.
  3. Sethi, Gautam & Costello, Christopher & Fisher, Anthony C. & Hanemann, W. Michael & Karp, Larry, 2004. "Fishery Management Under Multiple Uncertainty," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt8122f9d2, Department of Agricultural & Resource Economics, UC Berkeley.
  4. H. Scott Gordon, 1954. "The Economic Theory of a Common-Property Resource: The Fishery," Journal of Political Economy, University of Chicago Press, vol. 62, pages 124.
  5. Reed, William J., 1979. "Optimal escapement levels in stochastic and deterministic harvesting models," Journal of Environmental Economics and Management, Elsevier, vol. 6(4), pages 350-363, December.
  6. Ragnar Arnason & Leif K. Sandal & Stein Ivar Steinshamn & Niels Vestergaard, 2004. "Optimal Feedback Controls: Comparative Evaluation of the Cod Fisheries in Denmark, Iceland, and Norway," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 86(2), pages 531-542.
  7. Singh, Rajesh & Weninger, Quinn & Doyle, Matthew, 2006. "Fisheries management with stock growth uncertainty and costly capital adjustment," Journal of Environmental Economics and Management, Elsevier, vol. 52(2), pages 582-599, September.
  8. LK Sandal & SI Steinshamn, 2001. "A Bio-Economic Model For Namibian Pilchard," South African Journal of Economics, Economic Society of South Africa, vol. 69(2), pages 299-318, 06.
  9. Kasperski, Stephen, 2010. "Optimal Multispecies Harvesting in the Presence of a Nuisance Species," 2010 Annual Meeting, July 25-27, 2010, Denver, Colorado 61718, Agricultural and Applied Economics Association.
  10. McGough Bruce & Plantinga Andrew J. & Costello Christopher, 2009. "Optimally Managing a Stochastic Renewable Resource under General Economic Conditions," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 9(1), pages 1-31, December.
  11. Anthony Scott, 1955. "The Fishery: The Objectives of Sole Ownership," Journal of Political Economy, University of Chicago Press, vol. 63, pages 116.
  12. Aanestad, Sigurd & Sandal, Leif K. & Eide, Arne, 2007. "Optimal Fishing Policy for Two Species in a Three-Species Predator-Prey Model The case of Capelin, Cod and Juvenile Herring in the Barents Sea," Discussion Papers 2007/29, Department of Business and Management Science, Norwegian School of Economics.
  13. Rognvaldur Hannesson, 1975. "Fishery Dynamics: A North Atlantic Cod Fishery," Canadian Journal of Economics, Canadian Economics Association, vol. 8(2), pages 151-73, May.
  14. Smith, Vernon L, 1969. "On Models of Commercial Fishing," Journal of Political Economy, University of Chicago Press, vol. 77(2), pages 181-98, March/Apr.
  15. Olaf Posch & Timo Trimborn, 2010. "Numerical solution of continuous-time DSGE models under Poisson uncertainty," Economics Working Papers 2010-08, School of Economics and Management, University of Aarhus.
  16. Clark, Colin W. & Kirkwood, Geoffrey P., 1986. "On uncertain renewable resource stocks: Optimal harvest policies and the value of stock surveys," Journal of Environmental Economics and Management, Elsevier, vol. 13(3), pages 235-244, September.
  17. Kenneth L. Judd, 1998. "Numerical Methods in Economics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262100711, June.
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