Aquaculture: Models and Economics

Aquaculture: Models and Economics

Aquaculture: Models and Economics

Aquaculture: Models and Economics

Synopsis

Presenting state-of-the-art research on the economics of producing and marketing aquacultural products, this volume addresses critical issues concerning profitability, market acceptance, and economic modeling of various aquacultural products. Research approaches range from firm-level bioeconomic modelling to market-level econometric modelling of industry growth and product substitution. The studies highlight the institutional structures and public policy issues that will shape growth and development of aquaculture into the twenty-first century, including trade policies, food safety, and environmental quality.

Excerpt

The production and marketing of aquaculture products has grown dramatically in recent years. The economics of aquaculture is a rather new academic area for pursuit of state-of-the art economic research. Economic analyses of the production and marketing of aquaculture products have been, in the past, quite limited; however, recently, with the growth in aquaculture enterprises worldwide, economic researchers have begun to address this topic with the theoretical and methodological rigor used in other sectors.

In this book we attempt to accomplish two objectives. First, we present interdisciplinary research on aquaculture that will contribute to a broadening audience interested in the growth and profitability of this dynamic growth area. Aquaculture is very diverse with a multitude of species that have proven profitability -- catfish, shrimp, salmon, crawfish, tilapia, carp, and trout. In addition, many species are beginning to be analyzed in terms of both production and marketing feasibility. Thus, the economics of aquaculture spans a broad array of industries with differing problems and opportunities.

The second objective is to demonstrate the impact that economic research can have in supporting the evolution of new industries. Demand analyses provide estimates of the responsiveness of consumers to changing prices of fish and other food products. Supply analyses permit forecasting of future supplies and evaluation of government policies and regulation. Supply/demand analyses assist in anticipating price movements resulting from exogenous economic forces (inflation, income price of competitive products, and minimum wage charges). Effects of industry pricing and promotion strategies can also be evaluated.

Marketing studies on aquaculture products indicate important consumer and product characteristics that influence market demand. Analysis of market segments can help in targeting product characteristics to market niches. Socioeconomic characteristics of consumers profile existing and potential markets. Consumer attitudes toward the aquaculture product and its competitors are important information for targeting marketing and promotion efforts to address perceived or actual inadequacies of the product in the eyes of the final consumer.

Production economics is largely dependent on an interdisciplinary understanding of biology, engineering, and economics. Bioeconomic modeling is useful in characterizing the interaction of considerations that are . . .

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