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Optimal Scheduling in Shrimp Mariculture: A Stochastic Growing Inventory Problem

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  • Eithan Hochman
  • PingSun Leung
  • Lawrence W. Rowland
  • James A. Wyban

Abstract

Appropriate management tools are required for the successful introduction of advanced intensive technology in shrimp mariculture. This paper presents a stochastic dynamic decision model for evaluating the potential of the round pond technology practiced at the Oceanic Institute in Hawaii. The model provides the optimal stocking and harvesting schedules for a shrimp pond using a set of intra- and interseasonal decision rules. These rules are expressed as cutoff revenues when both prices and weights are considered random and as cutoff prices and cutoff weights when only prices or weights are considered random. The pond is not harvested if the current realized revenue is less than the cutoff revenue. The model simulates optimal scheduling using a set of 1986 shrimp prices for the case of random prices. Net profits are approximately doubled using the optimal schedules compared to conventional fixed scheduling schemes. The model also evaluates the economics of controlled environment.

Suggested Citation

  • Eithan Hochman & PingSun Leung & Lawrence W. Rowland & James A. Wyban, 1990. "Optimal Scheduling in Shrimp Mariculture: A Stochastic Growing Inventory Problem," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 72(2), pages 382-393.
    • Handle: RePEc:oup:ajagec:v:72:y:1990:i:2:p:382-393.
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    File URL: http://hdl.handle.net/10.2307/1242341
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    Cited by:

    1. Fosgerau, Mogens & Karlström, Anders, 2010. "The value of reliability," Transportation Research Part B: Methodological, Elsevier, vol. 44(1), pages 38-49, January.
    2. Gal Hochman & Eithan Hochman & Nadav Naveh & David Zilberman, 2018. "The Synergy between Aquaculture and Hydroponics Technologies: The Case of Lettuce and Tilapia," Sustainability, MDPI, vol. 10(10), pages 1-19, September.
    3. Richter, K. & Pakhomova, N.V. & Dobos, I., 2006. "A Wagner/Whitin natural resource stock control model," International Journal of Production Economics, Elsevier, vol. 104(2), pages 419-426, December.
    4. 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.
    5. 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.
    6. Hean, Robyn L., 1994. "An Optimal Management Model For Intensive Aquaculture - An Application In Atlantic Salmon," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 38(1), pages 1-17, April.
    7. Sherry Larkin & Gil Sylvia, 2004. "Generating Enhanced Fishery Rents by Internalizing Product Quality Characteristics," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 28(1), pages 101-122, May.
    8. Bjorndal, Trond & Lane, Daniel E. & Weintraub, Andres, 2004. "Operational research models and the management of fisheries and aquaculture: A review," European Journal of Operational Research, Elsevier, vol. 156(3), pages 533-540, August.

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