A Review of economic analysis of climate change impacts and adaptation in fisheries and aquaculture

Abstract

Focusing on economic methods, this study provides a comprehensive review of the current research in fisheries and aquaculture within the context of climate change. We find there has been remarkable progress in evaluating the biophysical impacts of climate change on fish. However, the effect those impacts have on future fish stocks, yields, and dynamics are less understood. Climate change adaptation strategies in fisheries and aquaculture lack quantitative assessment, while current vulnerability indices rely heavily on subjective weighting schemes. Economic studies involving fisheries and aquaculture have seen some recent advancements but can be improved through incorporating methods from other disciplines, notably agricultural economics. Relative to its increasingly large role in global fish supply, the aquaculture sector is found to be under-represented in the economic literature. We suggest that future research in fisheries and aquaculture should further incorporate methods from agricultural economics, focus on the economics of aquaculture, and refine interdisciplinary research methods such as bioeconomic modelling.