Portfolio Analysis for Optimal Seafood Product Diversification and Resource Management
AbstractFuture harvests from commercial fish stocks are unlikely to increase substantially due to biological and regulatory constraints. Developing alternative sets of processed seafood products is one strategy for increasing welfare while managing the risks inherent in a variable and renewable natural resource. To quantify the risk-benefit tradeoffs of alternative strategies, a portfolio decision framework is embedded into a multi-period bioeconomic model. The model is used to generate an efficient portfolio frontier to estimate possible rent dissipation from status quo management. Frontiers are also generated for seafood processors and brokers. Implications for the different industry agents are discussed.
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Bibliographic InfoArticle provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.
Volume (Year): 28 (2003)
Issue (Month): 02 (August)
bioeconomic analysis; dynamic optimization; Markowitz; Pacific whiting; portfolio analysis; resource management; seafood processing; Resource /Energy Economics and Policy;
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- Sherry L. Larkin & Gilbert Sylvia, 1999. "Intrinsic Fish Characteristics and Intraseason Production Efficiency: A Management-Level Bioeconomic Analysis of a Commercial Fishery," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 81(1), pages 29-43.
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