Comparative Evaluation of the Fisheries Policies in Denmark, Iceland and Norway: Multispecies and Stochastic issues

In this report the fisheries policies in Denmark, Iceland and Norway are subject to evaluation in a comparative perspective with particular emphasis on multi-species interaction and uncertainty. The actual harvest and biomass development are compared to the optimal. Although there are clear signs of overexploitation in all three countries we also find interesting differences. Although Iceland is the country that is economically most dependent on its marine resources and at the same time most independent of other countries with respect to management, the Icelandic cod stock is clearly the most overexploited one. We also find interesting differences between the single-species and the multi-species approach. For example is the Icelandic capelin stock underexploited using a single-species approach but overexploited when species interaction is taken into account.