Earlier this year, the research team I am a part of (the BMAME-team) published a chapter in the book Global Progress in Ecosystem-Based Fisheries Management, edited by G. H. Kruse and others. The chapter has the winding title Do Species Interactions and Stochasticity Matter to Optimal Management of Multispecies Fisheries?, and is authored by Diwakar Poudel, Leif K. Sandal, Stein I. Steinshamn, and myself. The answer to the question in the title is a resounding It Depends. The abstract:
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-stock 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 the model in a predator-prey relationship in the Barents Sea revealed that the optimal catch for stochastically growing stocks in a multispecies interaction model is different from the deterministic model.