The Economics Of Aquaculture And Fisheries

ECN429 The Economics Of Aquaculture And Fisheries

Autumn 2022

Spring 2023
  • 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. Spatial Fisheries Management

    8. Community-based Management

    9. Ecosystem-based fisheries management

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

    11. Development and Management of Aquaculture Industry

    12. Environmental issues of Aquaculture

    13. Fisheries-Aquaculture Interactions

    14. Seafood markets and ecolabels.

    1. 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
      • 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


      • 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
      • can collect and analyze the information regarding the management of the industries

      General competence

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

    2. Teaching

      Plenary lectures. The lectures will be streamed and filmed.

    3. Required prerequisites

      The students must have a basic knowledge of economics (bachelor level, e.g. SAM2), calculus (e.g. MET1), and regression analysis (e.g. MET4).

    4. Compulsory Activity

      Approved homework assignments.

    5. Assessment

      • 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 be found easily in the slides/notes/textbooks.
      • Portfolio (30%):
        • Assignments: Four homework assignments will be posted during the semester. Each student’s three best assignment scores will count toward the portfolio grade. We encourage you to work cooperatively, but each student should turn in their own work in their own words. Students will have two weeks to complete the assignments. Late submissions will not be accepted.
        • These assignments include solving problems, short writings, and modeling exercises. The modeling exercises will be explained in the workshop.

    6. Grading Scale


    7. Computer tools

      Microsoft Excel for modeling exercise.

    8. Literature

      Selected textbook chapters and papers from academic journals.


    ECTS Credits
    Teaching language

    Spring. Offered spring 2022.

    Course responsible

    Postdoctoral Fellow Keita Abe, SNF (main course responsible).

    Professor Emeritus Rögnvaldur Hannesson, Department of Economics.