Artificial reef investment: an assessment of information needs in the analysis of project risk Public Deposited

http://ir.library.oregonstate.edu/concern/conference_proceedings_or_journals/5m60qt050

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  • The use of artificial reefs in the creation of commercial and recreational fisheries has received growing attention in recent years, and artificial reef development programs are now being undertaken by a number of countries worldwide. Despite a substantial volume of scientific information on the technical and biological aspects of artificial reefs, however, comparatively little is known about their economic characteristics. Specifically, considerable doubt still surrounds the circumstances under which artificial reefs could be considered a worthwhile investment, judged from the standpoint of either the commercial enterprise or society as a whole. Economic appraisal of proposed reef investments is complicated by the uncertainty which attaches to the expected costs and benefits, and for this reason risk analysis become an essential component of any project evaluation. This paper is based on a case study of artificial reefs built for the purpose of lobster production in the UK. The project being investigated involves the controlled release of hatchery-reared juvenile lobsters on to a suitable substrate, and subsequent harvesting of the adult lobsters once they have attained the minimum landing size. A comparison is made between two possible construction materials (quarry rock and manufactured blocks) in terms of the standard criteria for project selection. Both project options are subject to risk and the paper demonstrates that this can be quantified so long as information is available on the probability distribution of parameter values.
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  • Whitmarsh, Davide. 1996. Artificial reef investment: an assessment of information needs in the analysis of project risk. In: Proceedings of the Eighth International Conference of the International Institute of Fisheries Economics and Trade, July 1-4, 1996, Marrakech, Morocco. Compiled by Ann L. Shriver. International Institute of Fisheries Economics & Trade, Corvallis, Oregon, USA, 2002. CD ROM.
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