The Economics of Aquaculture and Fisheries Management

ECN429 The Economics of Aquaculture and Fisheries Management

Autumn 2021

  • Topics

    The course addresses the production in aquaculture and capture fisheries, fish trade, and the role of seafood in feeding the world. We will discuss the theoretical and empirical aspects of fisheries and aquaculture economics. The course also covers the overview of world fisheries, aquaculture, and markets for fish.

    Topics the course addresses include: 

    1. Open access versus optimally controlled fisheries

    2. Dynamic fishery models

    3. Empirical models of fisheries

    4. Fisheries management in practice

    5. Game theory and shared fish stocks

    6. Natural variability in fish stocks

    7. Marine Reserves

    8. Community-based Management

    9. Non-market valuation of ecosystem goods and services: Methods and applications using fisheries production

    10. The value chain of salmon aquaculture

    11. Aquaculture production - Theory and modeling

    12. Aquaculture production - Practices

    13. Seafood markets and ecolabels. 

  • Learning outcome

    Upon successful completion the student


    • has knowledge of the global markets for seafood, including captured and farmed fish
    • has knowledge of the fundamentals of fisheries bioeconomics
    • has knowledge of the main underlying economic principles of fisheries management and regulation
    • understands the production process in salmon aquaculture
    • has knowledge of challenges in fisheries and aquaculture management and how the industries have developed to address these issues
    • is familiar with the various externalities affecting both aquaculture production and capture fisheries, and know how to value them


    • can formulate and analyze bioeconomic models of captured and aquaculture economics
    • is able to analyze and discuss how different types of regulations affect economic behavior
    • understands how data science is used to the development and innovation in the aquaculture industry

    General competence

    • has advanced technical skills, as well as analytical decision making and problem-solving skills

  • Teaching

    Plenary lectures. The lectures will be filmed (and streamed if the classroom has the equipment)

  • Required prerequisites

    The students must have a basic knowledge of economics (bachelor level), calculus, and regression analysis.

  • Requirements for course approval

    Approved homework assignments.

  • Assessment

    The assessment for the spring semester 2021: 

    • Written home exam. 4 hours. (70%)
      • It is an open-book exam due to the nature of the format, but it requires good understandings of the concepts/models. The answer will not found easily in the slides/notes/textbooks.
    • Individual modeling exercise     (30%) 
      • The individual modeling exercise will be handed out in the 10th lecture after in-class exercise sessions by professor Hannesson. 

  • Grading Scale


  • Computer tools

    Microsoft Excel for modeling exercise.

  • Literature

    Selected textbook chapters and papers from academic journals.


ECTS Credits
Teaching language

Spring. Offered spring 2021.

Course responsible

Postdoctoral Fellow Keita Abe, Department of Economics.

Professor Emeritus Rögnvaldur Hannesson, Department of Economics.