The Economics Of Aquaculture And Fisheries

ECN429 The Economics Of Aquaculture And Fisheries

Autumn 2024

  • 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.

  • Learning outcome

    Upon successful completion of the course, the student


    • will be able to describe the global markets for seafood, including captured and farmed fish
    • will master the fundamentals of fisheries bioeconomics
    • will be able to discuss the main underlying economic principles of fisheries management and regulation
    • will be able to discuss the challenges in fisheries and aquaculture management, and how the industries have developed to address these issues
    • will be able to identify 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

  • Teaching

    Plenary lectures and problem solving sessions for homework assignments

  • 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).

  • Compulsory Activity

    Approved homework assignments. For course approval homework assignments must be delivered. The grading scale for assignments is approved/not approved.

  • Assessment

    Written school exam. 5 hours.

  • Grading Scale


  • Computer tools

    Microsoft Excel for modeling exercise.

  • Literature

    Selected textbook chapters and papers from academic journals.

  • Permitted Support Material

    One bilingual dictionary (Category I)


    All in accordance with Supplementary provisions to the Regulations for Full-time Study Programmes at the Norwegian School of Economics Ch.4 Permitted support material


ECTS Credits
Teaching language

Spring. Will not be offered spring 2024.

Course responsible

Professor Emeritus Rögnvaldur Hannesson, Department of Economics (main course responsible).

Postdoctoral fellow Xiurou Wu, Centre for Applied Research