Economic Benefits of Multi-Species Management: The Pelagic Fisheries in the Northeast Atlantic

• Published in: Marine Resource Economics
• Main Authors: Nils-Arne Ekerhovd, Stein Ivar Steinshamn
• Format: Article in Journal/Newspaper
• Language: unknown
• Subjects: North East Atlantic; Northeast Atlantic
• Online Access: https://doi.org/10.1086/685383

Optimal management of herring, mackerel, and blue whiting in the North East Atlantic is analyzed. The main motivation is to quantify the potential gain from implementing multispecies management compared to traditional single-species management. The objective is to maximize discounted net revenue; in other words a sole-owner perspective. The results are derived from an empirically based surplus growth type of model with three species. The biological interaction in the model is mainly competition for food. One result is that discounted net revenue could have been around 25% higher if the stocks had been optimally managed from a multi-species perspective.