Open AccessBIOECONOMIC MODELING WITH STOCHASTIC ELEMENTS IN SHRIMP CULTURE
Author(s) -
Griffin Wade L.,
Johns Michael A.,
Hanson Jerrell S.,
Brick Robert W.
Publication year - 1981
Publication title -
journal of the world mariculture society
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.655
H-Index - 60
eISSN - 1749-7345
pISSN - 0735-0147
DOI - 10.1111/j.1749-7345.1981.tb00246.x
Subject(s) - biology , shrimp , hectare , profit (economics) , standard deviation , quadratic model , fishery , econometrics , statistics , ecology , mathematics , economics , microeconomics , response surface methodology , agriculture
The results of this study include the incorporation of water quality parameters and a growth function into a bioeconomic model of shrimp culture. Since the level of various parameters is unpredictable for future years (i.e., weather, ponds experiencing low oxygen), randomization of these parameters was introduced into the model. The results consist of a mean and standard deviation of profit determined from 25 replications of the model. The baseline model indicates that a mean profit of $679 per hectare would be achieved with only a 5% chance of a loss. Sensitivity tests of profit in the model, consisting primarily of changes in biological and environmental parameters, illustrate the usefulness of the model in directing future research.