Wildlife such as large grazers are associated with positive hunting values, but also with negative effects in terms of browsing damage to agricultural and forest crops. Hunters’ and land owners’ decisions on wildlife management and land use therefore affects the total gains from the management of the resources. Several tools are available to these decision-makers, such as population control, crop choice, diversion feeding and fencing. The issue is further complicated by the presence of multiple deer species that differ with respect to hunting values and crop damages, while also being ecologically interdependent, i.e. through interspecific competition for food. The purpose of this paper is to analyze the economically optimal management of land use and wildlife, in a situation with two ecologically interdependent deer species causing browsing damage to agricultural crops. Using a numerical optimization model, the Nash equilibrium for two separate agents is compared with the socially optimal outcome. Conditions are identified for diversion feeding and fencing being included in the solutions. Results suggest that fencing is included in the socially optimal solution for fencing investment costs being up to 3.5 times reference values obtained from business calculations. For diversion feeding to be included, the diversion effect needs to be 500 to 600 times the reference value, which was calculated based on species energy intake. The Nash equilibrium implies minor deviations from the socially optimal solution as long as fencing is reasonably cheap. If fencing is expensive, and therefore not applicable, the Nash equilibrium scenario implies an 8 percent reduction in the joint net present value, together with a 38 percent reduction in yield, and a doubling of fallow deer harvests and population.