Tragedy in the Barents Sea? : optimal and non-cooperative exploitation of a shared renewable resource: the North-East arctic cod fishery

Abstract

Cod from the Barents Sea, which is shared with Russia, is of cultural and economic importance to Norway. How should the resource be harvested to maximize its economic gain? Which implications has a non-cooperative exploitation from the two bordering nations? To answer these questions, simulations of a bio-economic model have been carried out. The optimal harvesting regime is contrasted to the outcome of current management and of competing exploitation.