Abstract
This study formulates and parameterizes a bioeconomic model of capture-based aquaculture (CBA) of cod (Gadus morhua). The model is solved for the optimal harvest pattern and calculates economic profit and net present value for a model farm. The biological sub-model incorporates knowledge from interviews with existing farmers, research trials and existing cod aquaculture literature. Economic components are obtained from interviews and sales statistics from exporters. A farm of the modeled scale is likely to influence market prices, hence sales prices were estimated assuming a supply response based on the price elasticity. Taking into account the opportunity cost of selling the fish directly, NPV is found to be marginally positive. Sensitivity analysis revealed that profitability is sensitive to changes in several parameters. Hence, further research is valuable and care should be taken when considering investments in cod CBA.
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