Join graduate student Renu Ojha on August 10th for her webinar: "On-bottom oyster production using smart Technology: Economic analysis and consumer preferences"
Renu Ojha, second year PhD student in the Department of Agricultural and Applied Economics at Virginia Tech, will present a webinar with Smart Sustainable Shellfish Aquaculture Management (S3AM) on August 10th. Register to learn about her work in her presentation: "On-bottom oyster production using smart Technology: Economic analysis and consumer preferences."
In her work, Renu aims to ascertain the economic feasibility and evaluate the potential performance of simulated oyster farms adopting S3AM aquatic drones and monitoring technology, comparing them with non-adopting farms. To accomplish this, Renu is working with Jonathan van Senten, assistant professor and lead for marketing and economics research at our center, to develop and analyze cost models under different production scenarios.
Webinar title: On-bottom oyster production using smart Technology: Economic analysis and consumer preferences
Date: August 10, 2023
Time: 3 pm EDT
Register online: https://bit.ly/3rCRKwl
S3AM holds great promise for improving on-bottom oyster farming. To ascertain its economic feasibility, we will develop cost models under different production scenarios. By analyzing the information derived from the cost models, we will evaluate the potential performance of simulated oyster farms that adopt S3AM technology and compare it with farms that do not employ it. This assessment will provide valuable insights into the economic viability and advantages of adopting this innovative and sustainable approach to oyster farming. In addition to economic considerations, it is also important to recognize that the United States is a consumption-led economy, wherein consumer perceptions regarding product quality and production methods hold significant influence over purchase decisions. Therefore, a choice experiment to estimate the consumer willingness to pay for oysters harvested from a hypothetical farm that utilizes the advanced S3AM technology will enable our team to assess the potential market implications for farmers interested to adopting this new production technology.