Lab seminar: Jellyfish blooms and the value of ecosystem forecasts
Kyumin Kim presented a research project he is developing studying the value of forecasting jellyfish blooms for commercial fisheries. Jellyfish blooms occur when jellyfish populations experience rapid growth, and they occur at high densities. Although jellyfish are natural parts of marine ecosystems, when they occur in these large numbers, they can interfere with commercial fisheries by damaging equipment and changing the behavior of target species. Recent developments in ecology have significantly improved the ability of scientists to predict where and when these outbreaks are likely to occur, information that may be valuable for fishermen choosing locations to fish. However, the value of this information likely depends on its accuracy, spatial and temporal scale, the willingness of fishers to adopt it, and the constraints fishers face making their site choice decisions. Kyumin proposed developing an economic model of fishing site choice to estimate the effects of each factor on the value of jellyfish bloom forecasts.