the terms of Agreement No. 01-IE0831-127. The opinions expressed herein are those of the author(s) and do not necessarily reflect the views of the USDA, Risk Management Agency, Federal Crop Insurance Corporation, or Mississippi State University. References Barnett, B.J. and K.H. Coble. 1999. Understanding Crop Insurance Principles: A Primer for Farm Leaders. Mississippi Agricultural and Forestry Experiment Station Bulletin 1087, Mississippi State University, Mississippi State, Mississippi USA. Blair, M., J. Rolland and B. Williams. 2004. 2004 National Aquatic Animal Health Task Force--Meeting Reports of Work Group 2. Diseases/pathogens of regulatory significance and their surveillance. Seattle, Washington. January 15-16, 2004. Bruno, D.W and A.E. Ellis. 1996. Salmonid Disease Management. Pages 759832 In Pennell, W and B.A. Barton, editors. Principles of Salmonid Culture. Elsevier Scientific Publishing Company, Amsterdam, The Netherlands. Coble, K.H., T. Hanson, J.C. Miller and S. Shaik. 2003. Agricultural Insurance as an Environmental Policy Tool. Journal WEB-BASED TooL I ( Continuedfrom page 39) roundtrip distance of 50 km, and shipment weight of 45 kg, the minimum price is US$3.8/kg. As mentioned above, help with estimation of production and transportation costs is available to the program user. Pressing the respective help button opens a new window with a set of questions about various cost components, including direct costs and indirect costs. For raw fish, direct production costs include costs of fingerlings, feed, che_micals, electricity, labor, maintenance and payments for operational capital. Users have the flexibility to specify the first five cost components directly, or based on respective quantities and prices. Depending on a user's preferences, indirect costs can be estimated either as percent of direct costs or following a step-by-step procedure, which can be accessed by clicking on 70 MARCH 2007 of Agricultural and Applied Economics 35:391-405. Coble, K.H., TR. Hanson, S.H. Sempier, S. Shaik and J.C. Miller. 2004. Investigating the Feasibility of Livestock Disease Insurance: A Case Study in Aquaculture. Pages 252-271 In Koontz, S.R. and D.L. Hoag, editors. Livestock Insurance Products International Conference and Forum: Discovery of Ideas and Issues. CABI Publishing, Wallingford UK. Forster, J. 2003. Industry Profile: The US Farmed Salmon Industry. National Risk Management Feasibility Program for Aquaculture, Mississippi State University. 73 pp. Available from http://www.agecon.msstate.edu/Aquaculture/pubs. php. Holliday, M.C. 2001. Fisheries of the United States 2000. US Department of Commerce, National Oceanic and Atmospheric Administration, National Marine Fisheries Service, Silver Spring, Maryland USA. Maine Aquaculture Association. 2002. Finfish Bay Management Agreement. Maine Aquaculture Association, Hallowell, Maine USA. Miller, J.C., J.E. Lee, T. R. Hanson K.H. Coble. 2002. 2002 National Risk Management for Aquaculture Workshop the 'detailed indirect cost estimation' button. In the latter case, a new window opens with questions about annual equipment depreciation, property tax, land rent and payments on investment capital. At the bottom of the 'raw fish cost' window, the user enters harvest level and then clicks 'total production costs.' The calculated answer appears in the input cell next to the button. For example, if the total harvest is 4,540 kg, fingerling costs are US$l ,500, feed costs equal US$ l ,000, total chemical, electricity and maintenance costs are US$300, explicit labor costs are zero, and indirect costs are estimated as 10 percent of direct costs, _then production costs are US$0.68/kg. Note that this estimate does not account for the opportunity costs of the farmers own time. For example, if growing fish takes 1,000 hours for one production cycle from stocking to harSummary Report. Mississippi State University Department of Agricultural Economics Information Report 2002-023. Risk Management Agency. 2005. Crop Policies: Overview. Available from http:// www.rma.usda.gov/policies/#overview. (08/1 2/05) Shaik, S., B.J. Barnett, K.H. Coble, J.C. Miller and T. Hanson. 2004. Insurability Conditions and Livestock Disease Insurance. Pages 53-67 In Koontz, S.R. and D.L. Hoag, editors. Livestock Insurance Products International Conference and Forum: Discovery of Ideas and Issues. CABI Publishing, Wallingford UK. Tucker, C., J. Avery, C. Engle, and A. Goodwin. 2004. Industry Profile: PondRaised Channel Catfish. National Risk Management Feasibility Program for Aquaculture, Mississippi State University. Available from http://www. agecon.msstate.edu/Aquaculture/pubs. php.(08/12/05) U.S. Department of Agriculture. Animal and Plant Health Inspection Service. 2004.Spring Viremia of Carp; Payment of Indemnity 9 CFR Parts 53 and 71. Federal Register. 9 CFR Parts 53 and 71, May 17, 2004. 69(95): 27,82327,827. vesting, and an alternative paidjob is available to the farmer with wages of US47/hour, then by growing fish the farmer "loses" US$7,000 of potential income. This "lost" income is the opportunity costs of the farmer's labor. If we account for a farmer's opportunity costs the production costs become US$2.4/kg. Clicking on the button 'help with processing costs' opens the window with a description and a set of questions about direct and indirect processing expenses. The user needs to specify the cost of raw fish, which can be entered directly if fish are purchased from a grower or it can be estimated in the same manner as above if processors grow their own fish. Next the user is asked to provide yield of final product from the raw fish, hours of labor needed to process the raw fish, wage per hour, ( Continued on next page)
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