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A Stochastic Programming Model for Optimizing the Production of Farmed Atlantic Salmon

In: Stochastic Programming Applications in Finance, Energy, Planning and Logistics

Author

Listed:
  • Martin B. Hæreid

    (Department of Industrial Economics and Technology Management, Norwegian University of Science and Technology, 7491 Trondheim, Norway)

  • Peter Schütz

    (Department of Applied Economics, SINTEF Technology & Society, 7465 Trondheim, Norway)

  • Asgeir Tomasgard

    (Department of Industrial Economics and Technology Management, Norwegian University of Science and Technology, 7491 Trondheim, Norway)

Abstract

We present a multi-stage stochastic programming formulation for the long-term production planning problem of a salmon farmer. Uncertainty in prices, growth and mortality is included in the model formulation, but we mainly focus on modeling the growth and development of the biomass in this paper. The planning horizon is 4–5 years, spanning approximately 3 life cycles of releasing smolt and slaughtering salmon. The objective is to maximize the expected profits from farming salmon, with the main decisions being both the timing and the quantity of releasing smolt and selling salmon. This chapter focuses on the description of the stochastic model and important factors for the modelling. Further work will focus more on computations and analysis.

Suggested Citation

  • Martin B. Hæreid & Peter Schütz & Asgeir Tomasgard, 2013. "A Stochastic Programming Model for Optimizing the Production of Farmed Atlantic Salmon," World Scientific Book Chapters, in: Horand I Gassmann & William T Ziemba (ed.), Stochastic Programming Applications in Finance, Energy, Planning and Logistics, chapter 11, pages 289-311, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814407519_0011
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