Stochastic Optimization for Multispecies Fisheries in the Barents Sea

31 Pages Posted: 22 Feb 2014

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

Date Written: February 20, 2014

Abstract

This study presents a multispecies stochastic model. The model suggests optimal fishing policy for two species in a three species predator prey ecosystem in the Barents Sea. We have employed stochastic dynamic programing to solve a three dimensional model, where catch is optimized by a multispecies feedback strategy. Application of the model in cod, capelin and herring ecosystem in the Barents Sea shows that the optimal catch for stochastic interaction model is more conservative compared to deterministic policy. Furthermore, we found that stochasticity has strong effect on optimal exploitation policy in the prey (capelin) compared to the predator (cod) species.

Keywords: Barents Sea, Ecosystem based management, Multispecies, Stochastic optimization

JEL Classification: C61, Q22, Q57

Suggested Citation

Poudel, Diwakar and Sandal, Leif Kristoffer, Stochastic Optimization for Multispecies Fisheries in the Barents Sea (February 20, 2014). NHH Dept. of Business and Management Science Discussion Paper No. 2014/2, Available at SSRN: https://ssrn.com/abstract=2399386 or http://dx.doi.org/10.2139/ssrn.2399386

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)

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