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U.S. Catfish Farm Supply Under Uncertainties

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Abstract
  • The present study uses normalized profit function and adaptive expectation approaches to analyze U.S. catfish farm supply. Empirical estimations give short-run supply elasticity of 0.25 and 0.26 and long-run supply elasticity of 0.47 and 2.1 in each of the two approaches, respectively. Technological improvement is attributed for only 9.8% out of 72.7% of farm supply increase between 1988 and 2008. The U.S. catfish industry is in the stage of decreasing return to scale, one percent increase in fixed inputs causes farm output to increase 0.39 percent. Catfish producers adjust production yield in short-run, and acre in long-run in responding to price incentives. Variations of profitability negatively affect farm supply. Catfish farm’s risk is decreasing over time, and producers respond less to incentives in the presence of risks, supply elasticities are 0.23 and 0.59 with and without consideration of risk.
  • Keywords: Aquaculture, Aquaculture and Risk, Fisheries Economics
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Citation
  • Nguyen, Giap and Curtis M. Jolly. 2010. U.S. Catfish Farm Supply Under Uncertainties. 12 pages. In: Proceedings of the Fifteenth Biennial Conference of the International Institute of Fisheries Economics & Trade, July 13-16, 2010, Montpellier, France: Economics of Fish Resources and Aquatic Ecosystems: Balancing Uses, Balancing Costs. Compiled by Ann L. Shriver. International Institute of Fisheries Economics & Trade, Corvallis, Oregon, USA, 2010.
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Déclaration de droits
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  • US National Oceanic and Atmospheric Administration (NOAA) Fisheries Division, Agence Française de Développement, Ministère de l’Enseignement Supérieur et de la Recherche, Ministère de L’Alimentation de L’Agriculture et de la Pêche, Ministère de l’Énergie, du Développement Durable et de la Mer, La Région Languedoc Rouslilon, Département Hérault, Montpellier Agglomèration, The Department of Fisheries and Oceans, Canada, and AquaFish Collaborative Research Support Program (CRSP).
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