Do Species Interactions and Stochasticity Matter to Optimal Management of Multispecies Fisheries?
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.
|Date of creation:||30 Jan 2012|
|Date of revision:|
|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
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- James Sanchirico & Michael Springborn, 2011. "How to Get There From Here: Ecological and Economic Dynamics of Ecosystem Service Provision," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 48(2), pages 243-267, February.
- Posch, Olaf & Trimborn, Timo, 2010.
"Numerical solution of continuous-time DSGE models under Poisson uncertainty,"
Hannover Economic Papers (HEP)
dp-450, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
- Olaf Posch & Timo Trimborn, 2010. "Numerical solution of continuous-time DSGE models under Poisson uncertainty," Economics Working Papers 2010-08, Department of Economics and Business Economics, Aarhus University.
- 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.
- 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.
- 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.
- 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.
- Kenneth L. Judd, 1998. "Numerical Methods in Economics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262100711, March.
- 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.
- Rognvaldur Hannesson, 1975. "Fishery Dynamics: A North Atlantic Cod Fishery," Canadian Journal of Economics, Canadian Economics Association, vol. 8(2), pages 151-73, May.
- Fleming, Christopher M. & Alexander, Robert R., 2002. "Single Species Versus Multiple Species Models: The Economic Implications," Discussion Papers in Natural Resource Economics 23693, Massey University, Centre for Applied Economics and Policy Studies.
- 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.
- 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.
- Anthony Scott, 1955. "The Fishery: The Objectives of Sole Ownership," Journal of Political Economy, University of Chicago Press, vol. 63, pages 116.
- Singh, Rajesh & Weninger, Quinn & Doyle, Matthew, 2006.
"Fisheries Management with Stock Growth Uncertainty and Costly Capital Adjustment,"
Staff General Research Papers Archive
12765, Iowa State University, Department of Economics.
- 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.
- 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.
- 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.
- 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.
When requesting a correction, please mention this item's handle: RePEc:hhs:nhhfms:2012_001. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Stein Fossen)
If references are entirely missing, you can add them using this form.