A review of dynamic optimization in aquaculture production economics

Abstract

AbstractDynamic optimization (DO) has been applied to aquaculture industry to determine optimal management strategies of aquaculture production systems. Optimal control of feeding, optimal stocking successions, and harvesting time among other factors has been studied. This work shows a review of the application of optimal control theory (OCT) and dynamic programming in economics and management of aquaculture. The Pontriagyn's maximum principle and the Bellman's optimality are the most commonly used mechanisms to solve control problems that optimize the producer's benefit or cost. Recently, model‐based predictive control has also been applied. Such tools have been used in aspects involving the design, planning, and monitoring of variables relevant to the optimal management of the culture system. It was found that in aquaculture there is low scientific productivity in the application of DO in bioeconomic models. In this review, an example of OCT applied to the control of feeding of farmed tilapia using a bioeconomic model is shown. DO represents a useful tool for optimal decision‐making and this review discusses the implications of the use of DO in aquaculture and recommendations for its use in the future.