Marine Fisheries Economics

Since 1990, Dr. Benedict C. Posadas has consistently developed and maintained the Mississippi State University, Coastal Research and Extension Center’s economic research and extension programs with an emphasis on the following major areas. 

The current R and E projects conducted by Dr. Posadas are best described at https://www.msstate.edu/our-people/2019/12/ben-posadas

A video presentation of Dr. Posadas' 2020 MSU-CREC marine fisheries economic research and extension projects can be viewed at https://youtu.be/kjsXugd1yPU

MARINE FISHERIES 

Economic Impacts of the Global COVID-19 Pandemic - 2020-2022: 
The COVID-19 pandemic was declared a national emergency in the United States on March 13, 2020. With the severe disruptions in seafood sales to eating and dining places, producers have to develop ways to sell their products to consumers directly. US consumers spent an estimated $102.2 billion on fishery products in 2017, including $69.6 billion at restaurants and other foodservice venues, and $32.5 billion at retail. US restaurants had sales of $450 billion during the 12 months ending in January. Just over 48 percent of this is from off-premise dinings such as takeout or delivery. Restaurants will lose at least one-third of the total restaurant sales compared to 2019.
Dr. Posadas developed and estimated economic models to measure the direct economic impacts of the pandemic to fisheries landings, and dockside values, and dockside, wholesale, and retail prices. 
YouTube link to direct impacts of COVID-19 presentations - https://www.youtube.com/playlist?list=PLB0D9oT09EZIQGjeX6QSBg-Lk5QQfeJ6m.

Economic Impacts of Harmful Coastal Events – 2011-2022:
Long-term data were compiled by Dr. Posadas to develop economic recovery models (ERM) for oyster harvesting. The ERM explains the individual and joint effects of the recent natural and technological disasters, output and input markets, environmental conditions, and regulatory and mana management strategies on the levels of commercial oyster harvests and dockside values. An initial version of the ERM model was provided to the MS Department of Marine Resources to support a federal fisheries disaster declaration in 2011. The state of MS received almost $11 million in federal disaster assistance for the recovery of its oyster and crab fisheries. The disaster economics publications and presentation of Dr. Posadas are listed in http://www.coastal.msstate.edu/publications-natural-technical-disasters and http://www.coastal.msstate.edu/disaster-presentations.

Economic Impacts of Marine Debris – 2018-2022:
The reduction of marine debris in the commercial fishery will enhance economic opportunities in coastal fishing counties. Commercial fishing generated total economic impacts amounting to $107 million and created almost 2,000 jobs in Mississippi. The overall goal of this economic analysis is to assess the economic impacts of marine debris on commercial fishing. Specifically, it aims to achieve the following objectives. First, construct technical characteristics of marine debris caught by commercial fishing vessels/boats. Second, compile damages to commercial fishing vessels/boats and gear, and costs of removal and disposal of marine debris. Third, compile lost fishing time, reduction in catches, or foregone sales associated with marine debris. Finally, estimate economic impacts on commercial fishing associated with marine debris. The fisheries economics publications and presentation of Dr. Posadas are listed in http://coastal.msstate.edu/publications-marine-fisheries-economics and http://coastal.msstate.edu/fish-presentations.

Economic Contributions of the Mississippi Seafood Industry – 1990-2022: http://coastal.msstate.edu/economic-impact-seafood
Dr. Posadas provided an estimate of the annual economic contribution of the state seafood industry by major species: shrimp, oyster, crabs, and fish. Mississippi marine regulatory agencies needed updated estimates of the economic contributions of the seafood industry to effectively manage state marine resources. State regulatory agencies expressed a more vital need for additional information on the economic contributions of the seafood industry by sector and species landed, processed, distributed, and consumed in Mississippi. At a recent Producer Advisory Council Meeting, the American Shrimp Processors Association requested updated estimates for the seafood industry by species. The fisheries economics publications and presentation of Dr. Posadas are listed in http://coastal.msstate.edu/publications-marine-fisheries-economics and http://coastal.msstate.edu/fish-presentations