Economic optimization modeling of white sturgeon (Acipenser transmontanus) caviar and meat production under different management conditions

Alternative management strategies for the production of sturgeon for meat and caviar were examined using an optimization model. The main strategies examined include market development for smaller meat-sized fish, modification of caviar and meat product mix, and the scheduling of caviar harvest to coincide with second maturation cycle. Secondary strategies examined included changes in survival and changes in roe yield. A combined strategy of a small fish market and modification of caviar and meat product mix was also examined. Economic performance measures were used to compare strategies in terms of investment alternatives. The net present value (NPV), adjusted net present value (ANPV), and internal rate of return (IRR) were determined for each scenario and used as the primary method of comparison of the various strategies. The ANPV and IRR provide a consistent measure of performance across extended time periods. The strategy of modifying the product mix of caviar and meat production by retaining more female fish for caviar production was the best single management strategy when considering all economic indicators. Scheduling of caviar harvest to coincide with second maturation cycle was not as economically viable as originally thought. Small decreases in anticipated survival had little impact across all economic indicators. Other management strategies showed mixed results with the small fish market and the combination strategy being viable management alternatives. The results suggest courses of action that farm managers can take with respect to alternative production and harvest management strategies, allocation of limited resources, and minimization of costs. The results also suggest areas where further study and improvements might have the greatest economic impact for commercial operators.