| This research presents a bioeconomic framework for assessing the economics of offshore bluefin tuna aquaculture production by developing a dynamic stochastic adaptive bioeconomic model of such an offshore enterprise. The bioeconomic model incorporates the biological constraints of the species, the interaction of relevant economic parameters and constraints, and stochastic sources of risk to solve for the profit maximizing behavior of a farmed bluefin tuna producer. The model identifies the optimal harvest schedule for an offshore bluefin tuna farming facility that maximizes the net present value of the operation under a variety of economic, biological and regulatory conditions. This model is relevant given the growing prevalence of bluefin tuna farming worldwide, the present lack of studies formally examining the economics of this form of production, and the uncertainty surrounding the economic feasibility and sustainability of this form of production. |
