Stochastic Optimization for Multispecies Fisheries in the Barents Sea
31 Pages Posted: 22 Feb 2014
Date Written: February 20, 2014
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
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