Scarcity of wild-caught seafood has incentivized innovation and growth in aquaculture, especially for species that compete directly with wild alternatives. In the global tuna industry, the most pronounced scarcity is associated with bluefin tuna species (Atlantic, Pacific, and Southern, which serve similar markets). Supply-side factors including overfishing and governance challenges...
We develop a model of a multinational firm producing commodities for a global market in multiple locations with location-specific risks and different regulatory standards. Salmon aquaculture and disease outbreaks provide an empirically relevant example. We specifically examine details of the infectious salmon anemia outbreak in Chile in the late 2000s,...
This paper provides a working definition of bioeconometrics and a taxonomy of model types. A bioeconometric model is an empirical model of a bioeconomic system in which quantitative changes in one or more parameters can affect the qualitative behavior of the dynamical system. Bioeconometric model types include equilibrium, dynamically decoupled,...
Marine scientists and policymakers are encouraging ecosystem-based fishery management (EBFM), but there is limited guidance on how to operationalize the concept. We develop a method for EBFM based on financial asset management that uses the joint probability distribution of species in an ecosystem. Illustrating our method with the Chesapeake Bay,...
This paper conducts the first empirical investigation of common-pool
resource users' dynamic and strategic behavior at the micro level. We
examine fishermen's strategies in a fully dynamic game that accounts for
latent resource dynamics and other players' actions and recover the profit
structure of the fishery. The ability to measure...