NSCPHD1000 The Faustmann approach to optimization and its potential use in aquacultures

Volume 2013/2014
Content

The first part of the course consists of reading the relevant literature and present it at weekly meetings. The second part consist of developing the approach so that it fits aquaculture.

 

Course activities consist of three elements:

-          Reading of the extensive reading list and write a short summary of the state of the art of the literature, see below

-          Meetings with and presentations for course supervisor. The PhD student can ask about the theory and empirical methods and present their own reflections on the relevance of the theory and the empirical methods for their own research

-          Preparation of a course report focusing on relevant theory and methods for own research.

Learning Outcome

The central themes of the course are the methodologies and techniques applied by the Faustmann approach. The skills and competences acquired from this course are necessary in order to develop the optimization models Tenaw wants to develop for the aquaculture. Having successfully completed the course the participant is expected to be able to:


Knowledge:

-          Explain the concept of the Faustmann formula, its development over time, the assumptions behind  and the implications for using it

-          Reflect on the relevance and limitations of its use for aquaculture.

 

Skills:

-          Identify relevant adjustments in specific settings

 

Competences:

-          Assess the relevance and limitations of the use of the approach

-          Discuss scientific and political disagreements in relation to economic maximization

 

Literature

Forest literature:

Amacher, G.S., Ollikainen, M., Koskela, E., 2009. Economics of forest resources. The MIT press, Cambridge, 397 pp.

 

Boman, M., Jacobsen, J.B., Strange, N., Norman, J., Mattson, L., 2010. Forest amenity values and the rotation age decision: A Nordic perspective. Ecological Bulletin 53: 1-20

 

Faustmann M., 1849. Calculation of the value which forest lad and immature stands possess for forestry. Reprinted in Journal of Forest Economics (1995) 1:7-44, From the original: Berechnung des Wertes welchen Waldboden sowie noch nicht haubare Holzbestände für die Waldwirtschaft besitzen, Allgemeine Forst- und Jagdzeitung, vol. 15.

 

Jacobsen, J.B.; Thorsen, B.J., 2004. Continuous cover forestry and optimal rotations. International Conference on Economics of Sustainable Forest Management. IUFRO. University of Toronto. May 20-22, 2004

 

Möhring, B., 2001. The German struggle between the 'Bodenreinertragslehre' (land rent theory) and 'Waldreinertragslehre' (theory of the highest revenue) belongs to the past - but what is left?ForestPolicy and Economics, 2:195-201.

 

Navarro, G. A., 2003. Re-examining the theories supportimg the so-called Faustmann Formula. In: Helles, F., Strange, N., and Wichmann, L.. Recent Accomplishments in AppliedForestEconomics Research Forestry Sciences. Kluwer Academic Publishers,Dordrecht, 19-38 pp.

 

Reed, W. J., 1986. Optimal harvesting models in forest management -a survey. Natural Resource Modeling, 1:55-79.

Samuelson, P. A., 1976. Economics of Forestry in an Evolving Society. Reprintet in: Journal ofForestEconomics (1995), 1:115-149.

 

 

Fish literature:

 

Arnason, R., 1992. Optimal Feeding Schedules and Harvesting Time

in Aquacuiture. Marine Resource Economics 7, 15-35

 

Bjørndal, T., 1988. Optimal harvesting of farmed fish. Marine Resource Economics 5: 139-159

 

Guttormsen, A.T., 2008. Faustmann in the Sea: Optimal Rotation in Aquaculture. Marine Resource Economics 23, 401-410

 

Heaps, T., 1995. Density Dependent Growth and the Culling of Farmed Fish. Marine Resource Economics 10, 285-298

 

Yu, R., Leung, P., 2009. Optimal harvest time in continuous aquacultural production: The case of nonhomogeneous production cycles. Int J Production Economics 117: 267-270

 

First part: reading, discussion of topic with course responsible.
Second part: Developing research project - supervision
  • Category
  • Hours
  • Class Instruction
  • 10
  • Preparation
  • 80
  • Project work
  • 50
  • Total
  • 140
Credit
5 ECTS
Type of assessment
Written assignment
Aid
All aids allowed
Marking scale
completed/not completed
Censorship form
No external censorship