Abstract
This paper describes an attempt to develop a computer-operational bio-economic model for assessing the economics of alternative pond management and marketing strategies for a freshwater prawn production system in Hawaii. The model structure incorporates a biological component, which is represented by a simple Markov process, into a dynamic program for economic analysis. The Markov transition probability matrices are estimated based on 4 months of production data from a commercial facility on Oahu. Price and cost data from the same 4-month period are used as a baseline in the dynamic program. Different price and cost assumptions are used to test the sensitivity of the baseline results. An assessment of the present model structure, its associated data requirements, and results are discussed.
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