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How Norwegian aquaculture firms across the value chain were affected by and responded to COVID-19

Previous research has shown that Norwegian aquaculture did not report being much affected by COVID-19 but had a strong response to the pandemic regarding cost reductions, market development, and business network development. In this study, we take a step further and investigate if COVID-19 affectedness and responsiveness were consistent across the aquaculture industry’s value chain. Also, we investigate if aquaculture industry involvement explains how firms were affected by and responded to the pandemic. Reexamining survey data from Norway shows that the firms, independent of value chain position or industry involvement, were not hit particularly hard by COVID-19 compared to firms in the manufacturing industry as a reference group. In addition, we show that the response to the pandemic in terms of cost reductions, market development, and business network development was strong across the value chain – chiefly among firms involved in producing or selling sea products and providing equipment and consulting services – compared to firms in the manufacturing industry. Finally, the response to the pandemic was consistently strong, independent of industry involvement. We conclude that aquaculture firms, across the value chain and independent of industry involvement, had a strong positive response to COVID-19, albeit not much affected.

Open Access
Asymmetric price volatility spillover between capture fisheries and aquaculture markets

The recent growth and development of aquaculture industry in Bangladesh demand a thorough investigation of price volatility spillover pattern among capture fisheries and aquaculture products. Utilizing nationally representative monthly retail price data of the last seventeen years, we identify the evidence of volatility spillover effects among capture fisheries and aquaculture markets. We find three phases of fish price movements: (1) fish prices, in general, were increasing prior to 2013 with higher fluctuations and structural breaks; (2) prices were comparatively stable from 2013 to 2019 for almost all markets with sporadic shocks; (3) increasing trajectory of fish prices are observed during the COVID-19 period. We also find that all the aquaculture products have significant direct or indirect long-run volatility spillover effect to capture fish market. We identify only one aquaculture product with a significant positive own price asymmetric effect indicating negative news increases the price volatility behavior in its own market. Our findings may play a vital role in implementing suitable food security policies and reducing overexploitation of natural resources. Policies promoting fish price stability should prioritize tilapia and pangasius markets, and targeted investments in the aquaculture industry should be made to promote greater stability in the fisheries and aquaculture market.

Risk management measures and welfare of aquaculture farmers in Ondo State, Nigeria: Does fish biodiversity play any role?

There is a dearth of information on empirical studies on the impact of fish biodiversity on the welfare of farmers. Hence, it is important to investigate the role fish biodiversity, as a risk management measure, plays in the welfare status of aquaculture farmers in Ondo State, Nigeria. A multistage sampling procedure was employed in picking 192 respondents. Data were analyzed using the marginal treatment effects (MTE) approach to estimate treatment effect heterogeneity and policy-relevant treatment effects (PRTE) to simulate the effect of policy change. The empirical findings show that there is a huge heterogeneity in the gains from the adoption of fish biodiversity as a risk management measure concerning observed and unobserved factors. The results indicate that fish biodiversity adoption significantly increases revenue and reduces the poverty level of fish farming households at the reduced level of unobserved resistance to adoption. Also, PRTE results reveal that adoption rates of fish biodiversity could be significantly raised through the enhancement of fish biodiversity training and access to fish biodiversity information sources. Therefore, adoption of fish biodiversity as a risk management measure should be the priority of policymakers whose focus is on how to improve farm revenue and reduce poverty among aquaculture farmers.