Pub Date : 2023-01-19DOI: 10.1080/13657305.2023.2168089
Mustafa Tolga Tolon
Abstract This study analyzed the market price dynamics of farmed fish using a price index in Turkey. A specific “Price Index” incorporating the leading aquaculture species produced by Turkish aquaculture, has been calculated for a five-year period spanning from 2016 to 2020. The empirical analysis is based on 60-month price and quantity data of chosen aquaculture species traded in a major wholesale fish market. Calculated prize index clearly indicates the noticeable effects of unusual economic and market dynamics on farmed fish prices. The significant increase in prices of agricultural inputs including aquafeed, electricity, fuel, maintenance of materials, and maintenance of buildings, as well as the impact of the Covid-19 pandemic in 2020, are the major factors influencing upward changes in price index. The “Turkish Aquaculture Price Index” is a practical tool that uses numerical expressions to reflect the periodic increase or decrease in the price of the aquaculture product commodity and makes significant contributions to understanding the price patterns and factors that have a cointegrated relation with the price changes in aquaculture market.
{"title":"A price index of farmed fish: The case of Turkish aquaculture market","authors":"Mustafa Tolga Tolon","doi":"10.1080/13657305.2023.2168089","DOIUrl":"https://doi.org/10.1080/13657305.2023.2168089","url":null,"abstract":"Abstract This study analyzed the market price dynamics of farmed fish using a price index in Turkey. A specific “Price Index” incorporating the leading aquaculture species produced by Turkish aquaculture, has been calculated for a five-year period spanning from 2016 to 2020. The empirical analysis is based on 60-month price and quantity data of chosen aquaculture species traded in a major wholesale fish market. Calculated prize index clearly indicates the noticeable effects of unusual economic and market dynamics on farmed fish prices. The significant increase in prices of agricultural inputs including aquafeed, electricity, fuel, maintenance of materials, and maintenance of buildings, as well as the impact of the Covid-19 pandemic in 2020, are the major factors influencing upward changes in price index. The “Turkish Aquaculture Price Index” is a practical tool that uses numerical expressions to reflect the periodic increase or decrease in the price of the aquaculture product commodity and makes significant contributions to understanding the price patterns and factors that have a cointegrated relation with the price changes in aquaculture market.","PeriodicalId":48854,"journal":{"name":"Aquaculture Economics & Management","volume":"27 1","pages":"267 - 281"},"PeriodicalIF":3.9,"publicationDate":"2023-01-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46975607","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-06DOI: 10.1080/13657305.2022.2162624
J. Hobbs, S. Khorana, May T. Yeung
Abstract Bangladesh is due to graduate from Least Developed Country status, resulting in the loss of preferential market access for textiles and ready-made-garments in key import markets. The paper examines the opportunities and constraints for developing a stronger export market orientation in the Bangladesh fish and seafood sector. We discuss the role of public and private standards in food safety and quality, as well as empirical evidence for their effect on fish and seafood value chains. We assess the factors limiting diversification into fish and seafood exports and constraints to value chain enhancement. The experience of export-oriented shrimp value chains provides lessons for the aquaculture sector. High costs of compliance with public and private standards and inability to meet traceability requirements for food safety and quality present a significant challenge. In diversifying beyond domestic markets for fish and seafood, the policy challenge lies in striking an appropriate balance between intervention and guidance.
{"title":"Moving beyond least developed country status: Challenges to diversifying Bangladesh’s seafood exports","authors":"J. Hobbs, S. Khorana, May T. Yeung","doi":"10.1080/13657305.2022.2162624","DOIUrl":"https://doi.org/10.1080/13657305.2022.2162624","url":null,"abstract":"Abstract Bangladesh is due to graduate from Least Developed Country status, resulting in the loss of preferential market access for textiles and ready-made-garments in key import markets. The paper examines the opportunities and constraints for developing a stronger export market orientation in the Bangladesh fish and seafood sector. We discuss the role of public and private standards in food safety and quality, as well as empirical evidence for their effect on fish and seafood value chains. We assess the factors limiting diversification into fish and seafood exports and constraints to value chain enhancement. The experience of export-oriented shrimp value chains provides lessons for the aquaculture sector. High costs of compliance with public and private standards and inability to meet traceability requirements for food safety and quality present a significant challenge. In diversifying beyond domestic markets for fish and seafood, the policy challenge lies in striking an appropriate balance between intervention and guidance.","PeriodicalId":48854,"journal":{"name":"Aquaculture Economics & Management","volume":"27 1","pages":"498 - 522"},"PeriodicalIF":3.9,"publicationDate":"2023-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43774935","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-04DOI: 10.1080/13657305.2022.2163721
J. L. Fernández Sánchez, Ignacio Llorente, José M. Fernández-Polanco
Abstract The purpose of this work is to analyze the differences in profitability between European aquaculture firms of the Nordic and Mediterranean-EU regions, as well as the factors that are relevant to explain these differences. In addition to traditional factors proposed by theory to explain profitability differences among firms such as size, efficiency, or capital structure, we also include in this analysis the strategies of product differentiation and diversification through vertical integration. A sample of aquaculture firms of the Nordic and Mediterranean-EU regions that were operating over the 2012–2019 period are identified in the Orbis database and selected for this research, employing an unbalanced panel made up of 5,427 observations. To carry out this analysis, we propose a random-effects model of firm profitability that allows to test the effect of the different explanatory variables as well as their regional differences. The findings of this research support that Nordic and Mediterranean-EU aquaculture are two business models with different characteristics, what is reflected in the economic performance of their firms.
{"title":"Profitability differences in aquaculture firms of the Nordic and Mediterranean-EU regions","authors":"J. L. Fernández Sánchez, Ignacio Llorente, José M. Fernández-Polanco","doi":"10.1080/13657305.2022.2163721","DOIUrl":"https://doi.org/10.1080/13657305.2022.2163721","url":null,"abstract":"Abstract The purpose of this work is to analyze the differences in profitability between European aquaculture firms of the Nordic and Mediterranean-EU regions, as well as the factors that are relevant to explain these differences. In addition to traditional factors proposed by theory to explain profitability differences among firms such as size, efficiency, or capital structure, we also include in this analysis the strategies of product differentiation and diversification through vertical integration. A sample of aquaculture firms of the Nordic and Mediterranean-EU regions that were operating over the 2012–2019 period are identified in the Orbis database and selected for this research, employing an unbalanced panel made up of 5,427 observations. To carry out this analysis, we propose a random-effects model of firm profitability that allows to test the effect of the different explanatory variables as well as their regional differences. The findings of this research support that Nordic and Mediterranean-EU aquaculture are two business models with different characteristics, what is reflected in the economic performance of their firms.","PeriodicalId":48854,"journal":{"name":"Aquaculture Economics & Management","volume":"27 1","pages":"335 - 351"},"PeriodicalIF":3.9,"publicationDate":"2023-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46120443","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-11-23DOI: 10.1080/13657305.2022.2147248
Truong Ngoc Phong, Vo Tat Thang, Hoài Nguyễn Trọng
Abstract This study investigates the effectiveness of sustainability labels, environmental attitudes, food safety concerns, and knowledge on Vietnamese consumer preferences for sustainably farmed shrimp. Mixed logit and latent class models were applied to estimate utility functions based on 459 samples collected using a choice experiment. The results indicate that Vietnamese consumers prefer sustainably farmed shrimp to conventionally farmed shrimp. Also, both food safety concerns and consumer knowledge vigorously promote sustainably farmed shrimp choices. Notably, the latent class results show that 73.5% of the respondents consider their environmental concerns about shrimp production when making decisions about consumption. The results indicate that placing information related to eco-friendly and food safety attributes on sustainability labels provides Vietnamese consumers with additional choices in the form of sustainably farmed shrimp. Finally, the simulated MXL results in the WTP space are more significant than those in the preference space, indicating that it is necessary to estimate the MXL in the WTP space to avoid specifying the parameter distribution subjectively by analysts.
{"title":"The effect of sustainability labels on farmed-shrimp preferences: Insights from a discrete choice experiment in Vietnam","authors":"Truong Ngoc Phong, Vo Tat Thang, Hoài Nguyễn Trọng","doi":"10.1080/13657305.2022.2147248","DOIUrl":"https://doi.org/10.1080/13657305.2022.2147248","url":null,"abstract":"Abstract This study investigates the effectiveness of sustainability labels, environmental attitudes, food safety concerns, and knowledge on Vietnamese consumer preferences for sustainably farmed shrimp. Mixed logit and latent class models were applied to estimate utility functions based on 459 samples collected using a choice experiment. The results indicate that Vietnamese consumers prefer sustainably farmed shrimp to conventionally farmed shrimp. Also, both food safety concerns and consumer knowledge vigorously promote sustainably farmed shrimp choices. Notably, the latent class results show that 73.5% of the respondents consider their environmental concerns about shrimp production when making decisions about consumption. The results indicate that placing information related to eco-friendly and food safety attributes on sustainability labels provides Vietnamese consumers with additional choices in the form of sustainably farmed shrimp. Finally, the simulated MXL results in the WTP space are more significant than those in the preference space, indicating that it is necessary to estimate the MXL in the WTP space to avoid specifying the parameter distribution subjectively by analysts.","PeriodicalId":48854,"journal":{"name":"Aquaculture Economics & Management","volume":"27 1","pages":"468 - 497"},"PeriodicalIF":3.9,"publicationDate":"2022-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47754433","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-11-17DOI: 10.1080/13657305.2022.2143934
Mikaella Zitti, A. Guttormsen
Abstract The growth of the salmon aquaculture industry has attracted an increasing number of investors. Investors are conscious of economic consequences of climate change for the salmon farming companies, hence their demand for climate-related financial disclosure has increased. This study discusses potential climate-related financial impacts imposed on the salmon aquaculture production as identified by the Task Force on Climate-related Financial Disclosure (TCFD). We use data from 2016 to 2021 available on the Carbon Disclosure Project (CDP) platform, and we show to what extent salmon aquaculture companies disclose their climate-related risks. We find that when the demand of investors for climate-related financial disclosure increases, more firms tend to comply with their requests, while based on the CDP’s evaluation system, the firms perform better in minimizing their carbon impact. We argue that when salmon aquaculture companies publish their climate-related financial disclosure, they ensure transparency for their investors and secure a smooth transition into a low carbon economy.
{"title":"Climate risk and financial disclosure in salmon aquaculture","authors":"Mikaella Zitti, A. Guttormsen","doi":"10.1080/13657305.2022.2143934","DOIUrl":"https://doi.org/10.1080/13657305.2022.2143934","url":null,"abstract":"Abstract The growth of the salmon aquaculture industry has attracted an increasing number of investors. Investors are conscious of economic consequences of climate change for the salmon farming companies, hence their demand for climate-related financial disclosure has increased. This study discusses potential climate-related financial impacts imposed on the salmon aquaculture production as identified by the Task Force on Climate-related Financial Disclosure (TCFD). We use data from 2016 to 2021 available on the Carbon Disclosure Project (CDP) platform, and we show to what extent salmon aquaculture companies disclose their climate-related risks. We find that when the demand of investors for climate-related financial disclosure increases, more firms tend to comply with their requests, while based on the CDP’s evaluation system, the firms perform better in minimizing their carbon impact. We argue that when salmon aquaculture companies publish their climate-related financial disclosure, they ensure transparency for their investors and secure a smooth transition into a low carbon economy.","PeriodicalId":48854,"journal":{"name":"Aquaculture Economics & Management","volume":"27 1","pages":"441 - 467"},"PeriodicalIF":3.9,"publicationDate":"2022-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43175668","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-10-29DOI: 10.1080/13657305.2022.2137263
F. Jensen, Venticia Hukom, R. Nielsen, M. Nielsen
Abstract In this paper, we discuss an upstream-downstream externality related to water quality (the level of ammonia) in a river by distinguishing between a non-cooperative and cooperative case. As empirical case, we use the Porong River, which is located in the East Java province of Indonesia. In this river, aquaculture farmers are located downstream while the industrial firms are placed upstream. In both the non-cooperative and cooperative case, we find that the optimal profit by a polyculture is higher than the optimal profit for an industrial firm, and this result is robust to variations in relevant parameter values. Furthermore, by comparing the non-cooperative and cooperative cases, we find that the optimal gain of moving to joint management is reasonably high, and when varying relevant parameter values, this gain remains almost unchanged.
{"title":"An upstream-downstream externality related to water quality: The case of the Porong River in Indonesia","authors":"F. Jensen, Venticia Hukom, R. Nielsen, M. Nielsen","doi":"10.1080/13657305.2022.2137263","DOIUrl":"https://doi.org/10.1080/13657305.2022.2137263","url":null,"abstract":"Abstract In this paper, we discuss an upstream-downstream externality related to water quality (the level of ammonia) in a river by distinguishing between a non-cooperative and cooperative case. As empirical case, we use the Porong River, which is located in the East Java province of Indonesia. In this river, aquaculture farmers are located downstream while the industrial firms are placed upstream. In both the non-cooperative and cooperative case, we find that the optimal profit by a polyculture is higher than the optimal profit for an industrial firm, and this result is robust to variations in relevant parameter values. Furthermore, by comparing the non-cooperative and cooperative cases, we find that the optimal gain of moving to joint management is reasonably high, and when varying relevant parameter values, this gain remains almost unchanged.","PeriodicalId":48854,"journal":{"name":"Aquaculture Economics & Management","volume":"27 1","pages":"405 - 440"},"PeriodicalIF":3.9,"publicationDate":"2022-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44872362","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-09-24DOI: 10.1080/13657305.2022.2126553
J. F. Fernandez Polanco, Ignacio Llorente, A. Lem
Abstract This article presents the results of a market integration analysis in the European Union market of frozen fillets of subtropical farmed species based on imports of tilapia, pangasius and Nile perch. Market integration across countries and species has been tested using Johansen cointegration in order to deal with price series which have been found to be unit root and stationary in different cases. Results show different scenarios in which the prices of the three species are integrated but with a possible exception for tilapia.
{"title":"Market integration across frozen tropical farmed fish fillets in the EU","authors":"J. F. Fernandez Polanco, Ignacio Llorente, A. Lem","doi":"10.1080/13657305.2022.2126553","DOIUrl":"https://doi.org/10.1080/13657305.2022.2126553","url":null,"abstract":"Abstract This article presents the results of a market integration analysis in the European Union market of frozen fillets of subtropical farmed species based on imports of tilapia, pangasius and Nile perch. Market integration across countries and species has been tested using Johansen cointegration in order to deal with price series which have been found to be unit root and stationary in different cases. Results show different scenarios in which the prices of the three species are integrated but with a possible exception for tilapia.","PeriodicalId":48854,"journal":{"name":"Aquaculture Economics & Management","volume":"27 1","pages":"189 - 206"},"PeriodicalIF":3.9,"publicationDate":"2022-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43048704","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-09-05DOI: 10.1080/13657305.2022.2115578
Sandip Mitra, M. Khan, Md. Takibur Rahman, R. Nielsen, M. Nielsen
Abstract Intensive pond aquaculture production is increasing and playing a major role in global aquaculture production, especially in developing countries. Empirical evidence shows that the access to and exchange of fresh water in tilapia pond aquaculture is important for making pond production ecologically more sound, efficient and productive. This study investigates productivity and efficiency differences between farms with access to open water resources and farms without access using data obtained from 311 interviews with tilapia farmers in Bangladesh. Propensity Score Matching (PSM) and meta-frontier DEA have been employed to estimate productivity and efficiency differences between the groups. Results show that farms located in areas with access to open water resources are significantly more efficient, but a bit surprisingly less productive than farms located in areas with deficit access to water resources. Furthermore, output could be increased by 29% and 40% without increasing input in areas with good access and limited access to water, respectively. Thus, promoting intensive aquaculture pond production in areas with access to water resources should focus on how to increase productivity, while areas with limited access should focus on optimal use of input in order to improve water quality and efficiency.
{"title":"Effects of open water availability on productivity and efficiency of tilapia fish farming","authors":"Sandip Mitra, M. Khan, Md. Takibur Rahman, R. Nielsen, M. Nielsen","doi":"10.1080/13657305.2022.2115578","DOIUrl":"https://doi.org/10.1080/13657305.2022.2115578","url":null,"abstract":"Abstract Intensive pond aquaculture production is increasing and playing a major role in global aquaculture production, especially in developing countries. Empirical evidence shows that the access to and exchange of fresh water in tilapia pond aquaculture is important for making pond production ecologically more sound, efficient and productive. This study investigates productivity and efficiency differences between farms with access to open water resources and farms without access using data obtained from 311 interviews with tilapia farmers in Bangladesh. Propensity Score Matching (PSM) and meta-frontier DEA have been employed to estimate productivity and efficiency differences between the groups. Results show that farms located in areas with access to open water resources are significantly more efficient, but a bit surprisingly less productive than farms located in areas with deficit access to water resources. Furthermore, output could be increased by 29% and 40% without increasing input in areas with good access and limited access to water, respectively. Thus, promoting intensive aquaculture pond production in areas with access to water resources should focus on how to increase productivity, while areas with limited access should focus on optimal use of input in order to improve water quality and efficiency.","PeriodicalId":48854,"journal":{"name":"Aquaculture Economics & Management","volume":"27 1","pages":"315 - 334"},"PeriodicalIF":3.9,"publicationDate":"2022-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47276275","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-08-04DOI: 10.1080/13657305.2022.2101711
C. Engle, Jonathan van Senten, M. Schwarz, Christian Brayden, S. Belle
Abstract Benchmarking programs for crop and livestock farms have been used by farmers to identify ways to improve farm efficiencies. This study developed a set of benchmarks for oyster, mussel, and seaweed farming in Maine (USA). Farm-level survey data were used to calculate benchmarking metrics for each farm respondent. Results showed the importance of disaggregating benchmarking metrics by production scale, gear type, and whether farms were initial startup (defined in this study as <5 years in business) or established (>5 years in business) farms. The initial analysis of cost structures on individual farms provided useful information from which to identify key categories for disaggregation. Identification of the most important cost inputs further points to which benchmarks will be of greatest value for different groups of farms. Results for oyster farms showed that startup costs per oyster harvested were lowest ($0.20/oyster) on established bottom culture farms as compared to $0.96/oyster for established suspended oyster farms, and highest ($1.75/oyster) on startup oyster farms. Profits (Net Farm Income) per oyster were greatest on established bottom oyster farms followed by established suspended oyster farms, but were negative on average, for startup farms. Per-hectare, however, profits were greater on established suspended than bottom culture oyster farms. Labor efficiencies were also greatest for established suspended oyster farms (65 oysters/hour of labor), followed by established bottom culture oyster farms (55 oysters/hour of labor), with the lowest labor efficiency (44 oysters/hour of labor) for startup oyster farms. Given the inherent variability among aquaculture farms, adequate numbers of observations of participating farmers are necessary within each production scale/gear type and startup/established categories for benchmarks to be of value. For emerging sectors of aquaculture, benchmarking metrics can be useful for navigating the critical startup period, but obtaining sufficient numbers of observations is a challenge. Benchmarking metrics for established farm businesses provide guidance on the levels of production and economic performance necessary to be successful. Overall, benchmark values are most useful when applied in a holistic fashion that takes into consideration the performance of the farm across all production, revenue, expense, and efficiency categories (labor, capital, and financial).
{"title":"Developing production and financial benchmarks for marine aquaculture from farm data","authors":"C. Engle, Jonathan van Senten, M. Schwarz, Christian Brayden, S. Belle","doi":"10.1080/13657305.2022.2101711","DOIUrl":"https://doi.org/10.1080/13657305.2022.2101711","url":null,"abstract":"Abstract Benchmarking programs for crop and livestock farms have been used by farmers to identify ways to improve farm efficiencies. This study developed a set of benchmarks for oyster, mussel, and seaweed farming in Maine (USA). Farm-level survey data were used to calculate benchmarking metrics for each farm respondent. Results showed the importance of disaggregating benchmarking metrics by production scale, gear type, and whether farms were initial startup (defined in this study as <5 years in business) or established (>5 years in business) farms. The initial analysis of cost structures on individual farms provided useful information from which to identify key categories for disaggregation. Identification of the most important cost inputs further points to which benchmarks will be of greatest value for different groups of farms. Results for oyster farms showed that startup costs per oyster harvested were lowest ($0.20/oyster) on established bottom culture farms as compared to $0.96/oyster for established suspended oyster farms, and highest ($1.75/oyster) on startup oyster farms. Profits (Net Farm Income) per oyster were greatest on established bottom oyster farms followed by established suspended oyster farms, but were negative on average, for startup farms. Per-hectare, however, profits were greater on established suspended than bottom culture oyster farms. Labor efficiencies were also greatest for established suspended oyster farms (65 oysters/hour of labor), followed by established bottom culture oyster farms (55 oysters/hour of labor), with the lowest labor efficiency (44 oysters/hour of labor) for startup oyster farms. Given the inherent variability among aquaculture farms, adequate numbers of observations of participating farmers are necessary within each production scale/gear type and startup/established categories for benchmarks to be of value. For emerging sectors of aquaculture, benchmarking metrics can be useful for navigating the critical startup period, but obtaining sufficient numbers of observations is a challenge. Benchmarking metrics for established farm businesses provide guidance on the levels of production and economic performance necessary to be successful. Overall, benchmark values are most useful when applied in a holistic fashion that takes into consideration the performance of the farm across all production, revenue, expense, and efficiency categories (labor, capital, and financial).","PeriodicalId":48854,"journal":{"name":"Aquaculture Economics & Management","volume":"27 1","pages":"352 - 381"},"PeriodicalIF":3.9,"publicationDate":"2022-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47717222","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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