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Cycles in Agricultural Production: The Case of Aquaculture

Author

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  • Larry Karp
  • Arye Sadeh
  • Wade L. Griffin

Abstract

The problem of determining optimal harvest and restocking time and levels is considered. A continuous time deterministic control problem is used to study the case where production occurs in a controlled environment. A stochastic control problem is then used to determine rules for the cultivation of P. stylirostris which occurs in a stochastic environment. The deterministic analog of the problem is also solved. The two solutions are used to develop a measure for the value of a controlled environment and for the value of information about the stochastic environment.

Suggested Citation

  • Larry Karp & Arye Sadeh & Wade L. Griffin, 1986. "Cycles in Agricultural Production: The Case of Aquaculture," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 68(3), pages 553-561.
    • Handle: RePEc:oup:ajagec:v:68:y:1986:i:3:p:553-561.
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    File URL: http://hdl.handle.net/10.2307/1241540
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    Citations

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    Cited by:

    1. Frank Jensen & Rasmus Nielsen & Henrik Meilby, 2023. "Regulation of aquaculture production," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 25(2), pages 161-204, April.
    2. Kazmierczak, Richard F., Jr. & Caffey, Rex H., 1996. "The Bioeconomics Of Recirculating Aquaculture Systems," Station Bulletins 31681, Louisiana State University, Department of Agricultural Economics and Agribusiness.
    3. Atle Oglend & Vesa-Heikki Soini, 2020. "Implications of Entry Restrictions to Address Externalities in Aquaculture: The Case of Salmon Aquaculture," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 77(4), pages 673-694, December.
    4. Sadeh, Arye & Griffin, Wade L., 1997. "Value of feedback in agricultural decisions," Agricultural Systems, Elsevier, vol. 53(2-3), pages 285-301.
    5. Lawrence, John D. & Kaylen, Michael S., 1990. "Risk Management For Livestock Producers: Hedging And Contract Production," Staff Papers 13496, University of Minnesota, Department of Applied Economics.
    6. Mykoniatis, Nikolaos & Ready, Richard C., 2012. "Optimal Oyster Management in Chesapeake Bay Incorporating Sanctuaries, Reserves, Aquaculture and Externalities," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124613, Agricultural and Applied Economics Association.
    7. Yu, Run & Leung, PingSun, 2005. "Optimal harvesting strategies for a multi-cycle and multi-pond shrimp operation: A practical network model," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 68(4), pages 339-354.
    8. McClelland, John W. & Wetzstein, Michael E. & Noles, Richard K., 1987. "Optimal Replacement Policies for Recyclable Assets," 1987 Annual Meeting, August 2-5, East Lansing, Michigan 270113, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    9. Yu, Run & Leung, PingSun, 2009. "Optimal harvest time in continuous aquacultural production: The case of nonhomogeneous production cycles," International Journal of Production Economics, Elsevier, vol. 117(2), pages 267-270, February.
    10. Nikolaos Mykoniatis & Richard Ready, 2016. "Spatial Harvest Regimes for a Sedentary Fishery," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 65(2), pages 357-387, October.

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