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Analyzing the Economic Effects of Aquatic Animal Disease Control Regime in Korea

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Abstract
  • The success or failure of aquaculture heavily depends on how effectively to manage aquatic animal diseases. In order to analyze the economic effects of aquatic animal disease control, the specific factors and magnitudes of benefits and costs are identified with and without the proposed project for the disease control. These benefits can be derived from reduction of aquatic animals infected and died, consumption recovery, and so on. The benefit from reduction of aquatic animals infected and died is estimated under assumption that target death rate of aquaculture fishes should be reduced to half of current death rate without the project. The benefit from consumption recovery is based on the negative health information, elasticity of demand, estimated by almost ideal demand system including the negative health information. It is dealt with a dummy variable using monthly information data such as aquatic animal disease reported in main daily newspapers. The incremental costs with the proposed project can include monitoring costs for animal diseases, prevention quarantine costs, treatment costs of animals died, technology development costs for diseases remedy, and so on. As a result of the study, the annual economic effect is about 19.0 million US dollars, which scale is 35% of the annual net income in aquaculture industry of Korea. In addition, the total economic value (net present value) is 304.4 million US dollars under the assumption of 6% of social discount rate and 50 years of economic life, with 2.02 of benefit/cost ratio. It indicates how each disease control input affects the farmer's revenue, costs and profitability, and provides a directional policy for future extension work on application of disease control inputs.
  • Keywords: Aquatic Animal Disease Control, Reduction Effect of Aquatic Animals Infected and Died, Annual Economic Effect, Total Economic Value, Consumption Recovery Effect
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  • Pyo, Hee-Dong and Sang-Go Lee. 2006. Analyzing the Economic Effects of Aquatic Animal Disease Control Regime in Korea. In: Proceedings of the Thirteenth Biennial Conference of the International Institute of Fisheries Economics & Trade, July 11-14, 2006, Portsmouth, UK: Rebuilding Fisheries in an Uncertain Environment. Compiled by Ann L. Shriver. International Institute of Fisheries Economics & Trade, Corvallis, Oregon, USA, 2006. CD ROM. ISBN 0-9763432-3-1
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  • The National Oceanic & Atmospheric Administration Marine Fisheries Service, United States Department of Commerce (NOAA Fisheries); United Kingdom Department for Environment, Food and Rural Affairs (DEFRA); The United States Agency for International Development supported Aquaculture Collaborative Research and Support Program (ACRSP).
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