Farmers’ Perceived Risks and Risk Management Strategies in an Emerging Mussel Aquaculture Industry in Denmark

Abstract

Abstract The aim of this exploratory study is to provide empirical insight into how mussel farmers perceive and manage risks. The results show that future price, de­mand for mussels, and changes in public regulation are the high-ranked perceived risks. Bad weather, oxygen depletion, harmful algal blooms (HABs), E. coli, change in governmental regulation, and public views towards mussel culture are also considered important risk factors in mussel farming. On the other hand, production at the lowest possible cost, cooperative marketing, good relations with government, liquidity, adaptation of new technology, and experience sharing are perceived as the most important risk management strategies. When developing and changing policies for farmers' satisfaction and for the long-term sustainability of mussel aquaculture, policymakers should consider these risks and risk management strategies emphasized by the farmers. JEL Classification Code: Q22