The brief historical occurrence of aquaculture introduces the science that evolved from the early studies on cod propagation in 1864, and the export of these concepts about stock enhancement through protection of early life history stages through what has always been considered the ‘critical periods’ during which the majority of...
Due to the development and change in shrimp culture technology during a period from 1985 to 1995, Thailand has made an impressive success in shrimp aquaculture development, which resulted in the dramatic increase in the number of intensive black tiger shrimp farms all along the coastal area of the country...
The valuation of the opportunity to either invest or exploit a fishery is particularly difficult because of the high uncertainty concerning the resource price. The traditional net-present-value (NPV) and other discounted-cash-flows (DCF) methods cannot properly capture the management's flexibility and strategic value aspects of a fishery, thus they may understate...
These experiences working on regional and national problems for fisheries managers in NMFS have given me a perspective on the role of economics in fisheries management that I am going to share with you today. I would like to stress that this perspective is unique to me and does not...
Potential changes in the tobacco program have prompted research of aquaculture crops in Kentucky. Using a dynamic, programming model, this paper evaluates two methods for producing pond-raised paddlefish to assess if either method is economically viable in Kentucky. Results indicate that a polyculture system with catfish is profitable.
This paper discusses the use of options as a tool to retrieve valuable information on the value and level of risk associated with owning a share in a stock of renewable resource. The objective is to show how theory on options trading can be used to obtain information on the...
In this paper a real options approach is taken to natural resource contract valuation. A comparison is made between hedging with futures on developed (harvested) versus undeveloped assets. The risk-free Q martingale probability measure is obtained for the developed asset, and modified to a cost-adjusted Q martingale in the undeveloped...
This paper analyses the factors explaining productivity and efficiency differences across salmon aquaculture farms, with an emphasis on agglomeration externalities. We specify a stochastic frontier production model with agglomeration indexes included in both the frontier production function and the technical inefficiency model. The frontier model is estimated on a rich...
A linear programming (LP) profit-maximization model and a Target MOTAD risk programming model were developed to identify optimal management strategies and associated risk levels for the aquaculture of penaeid shrimp in Honduras. Data for this study were provided by three cooperating shrimp farms and included complete production records of 1,004...
The theory of extensions to the national accounts is expressed in models in which wealth is being explicitly maximized. For the fishery, the central issue is such valuation when the policy being followed is inefficient. We begin the task of making such valuations for commercial products of a fishery. Capacity...
Bleach has been used for decades as an irritant in the British Columbia (BC) commercial octopus dive-fishery. Recently the FAO (United Nations Food and Agriculture Organization) declared that using noxious substances in any fishery is considered unlawful, under international law. Canada’s Department of Fisheries and Oceans (DFO) has asked BC...
The paper discusses compilation of economic accounts for wild fish stocks. The methods proposed in the System of National Accounting (SNA) satellite system, the System for Integrated Environmental and Economic Accounting (SEEA) are discussed and their usefulness assessed in simple examples. The paper proposes some methods for estimating the value...
Traditional aquaculture has to a large extent used herbivore species with limited requirements for additional feeding. However, in intensive aquaculture production one farm carnivore species like salmon and also feeds herbivore species with fishmeal as this increase growth. This has lead to a growing concern that increased aquaculture production poses...
U. S. agriculture is at a crossroads. The value of traditional agricultural exports has fallen while imports have increased. Concerns about the environmental impacts of current agricultural practices threaten profitability. As O'Connell (1989) pointed out in Choices , one answer to U. S. farm problems might be found in the...
This paper investigates the financial and economic efficiencies of three scales of recirculation aquaculture production growing Murray Cod (Maccullochelli peelli peelli) at tonnages of 25 tonne, 50 tonne and 150 tonne. Best practice industry data is used (growth, FCR, mortality, equipment and running costs) in conjunction with AQUAFarmer feasibility software1...
Fish is the main animal source of protein for the people of Bangladesh. As a principal source of protein, the per capita production of fish is declining. The present study highlights the development of pond fish production through grassroots level organization. The study was conducted in rural areas of Bangladesh....
This paper examines the circumstances under which farmers respond to the introduction of tilapia production technology, and analyzes the manner in which the benefits from such introduction are shared and distributed among recipients. The hypothesis that the inverse relationship between yields and operational land size widely observed in agriculture is...
Following an assessment of Mexican water resources by governmental agencies in the late 1940’s, Tabasco State was identified as a potential area for aquaculture development, as the State holds 30% of National water resources and an important share of Southeast Mexican fisheries, particularly for oyster production. However, conflicts and competition...
In 1990-1993 in Kapasia sub-district in central Bangladesh ICLARM introduced low-input aquaculture for pond owners to adapt into their farming systems. Impacts on production, fish consumption and markets were assessed in 1998-1999. The percentage of ponds stocked increased from 1990 to 1998, but did not differ significantly between past participants...
We argue in this paper that the present fishery policy goal of sustaining current levels of ecosystem resources will foreclose future options for the generation of food, wealth and services from ocean resources. Hence, only a policy of rebuilding of ecosystems can reverse this trend. A novel methodology, termed Back...