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

35 Pages Posted: 16 Mar 2012

See all articles by Diwakar Poudel

Diwakar Poudel

Norwegian School of Economics (NHH) - Department of Business and Management Science

Leif Kristoffer Sandal

Norwegian School of Economics (NHH) - Department of Business and Management Science

Stein Ivar Steinshamn

Norwegian School of Economics (NHH) - Department of Business and Management Science

Sturla Kvamsdal

Norwegian School of Economics (NHH)

Date Written: January 30, 2012

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 stocksĀ“ 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.

Keywords: Bioeconomic model, multispecies, species interaction, time-continuous stochasticity

JEL Classification: Q20, Q22

Suggested Citation

Poudel, Diwakar and Sandal, Leif Kristoffer and Steinshamn, Stein Ivar and Kvamsdal, Sturla, Do Species Interactions and Stochasticity Matter to Optimal Management of Multispecies Fisheries? (January 30, 2012). NHH Dept. of Finance & Management Science Discussion Paper No. 2012/1, Available at SSRN: https://ssrn.com/abstract=2024970 or http://dx.doi.org/10.2139/ssrn.2024970

Diwakar Poudel (Contact Author)

Norwegian School of Economics (NHH) - Department of Business and Management Science ( email )

Helleveien 30
Bergen, NO-5045
Norway

Leif Kristoffer Sandal

Norwegian School of Economics (NHH) - Department of Business and Management Science ( email )

Helleveien 30
Bergen, NO-5045
Norway
+47 55 95 93 41 (Phone)

Stein Ivar Steinshamn

Norwegian School of Economics (NHH) - Department of Business and Management Science ( email )

Helleveien 30
Bergen, NO-5045
Norway

Sturla Kvamsdal

Norwegian School of Economics (NHH) ( email )

Helleveien 30
Bergen, NO-5045
Norway

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
72
Abstract Views
834
rank
350,344
PlumX Metrics