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Maximum Economic Yield and Resource Allocation in the Spiny Lobster Industry*

Published online by Cambridge University Press:  28 April 2015

Joel S. Williams  and
Fred J. Prochaska
Joel S. Williams
Affiliation:
Department of Agricultural Economics, Virginia Polytechnic Institute andState University
Fred J. Prochaska
Affiliation:
Department of Food and Resource Economics, University of Florida
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Extract

Spiny lobster (Panulirus argus) is produced in the warmer ocean waters and is distinguished from the northern American lobster (Homarus americanus) by its lack of claws and relatively smaller size. Florida lobstermen currently account for 98 percent of the U.S. spiny lobster landings. This industry has grown from annual landings of less than a million pounds prior to the 1950s to 11 million pounds in 1974, with a value of over $13 million [5, 6]. Although no formal demand analysis has been completed, it appears that U.S. demand for this luxury seafood has increased considerably faster than domestic production. In current dollars, prices at dockside increased 251 percent from 39 cents per pound in 1960 to over $1.36 per pound at dockside in 1975 (an increase of 73 percent in constant dollars). Increased demand in the U.S. is further suggested by the fact that U.S. consumption of total world production increased from 53 to slightly over 80 percent in this same period.

Type
Research Article
Information
Journal of Agricultural and Applied Economics , Volume 9 , Issue 1 , July 1977 , pp. 145 - 149
Copyright
Copyright © Southern Agricultural Economics Association 1977

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Footnotes

*

Research reported was jointly funded by the Florida Agricultural Experiment Station and the Florida Sea Grant Program, 04-6-158-44055. The co-authors share equally in this paper

References

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