Abstract We assess the financial performance of an Atlantic salmon (Salmo salar) monoculture versus an Atlantic salmon, blue mussel (Mytilus edulis), and sugar kelp (Saccharina latissima) Integrated Multi-Trophic Aquaculture (IMTA) operation. Using updated methods and models, we improve on earlier studies of IMTA economics. A discounted cash-flow analysis was used to assess the profitability of hypothetical monoculture and IMTA operations over a 10-year period in the Bay of Fundy, New Brunswick, Canada. The IMTA operation was more profitable, even when no price premium was included for its products. A 10% price premium for IMTA salmon and mussels resulted in a substantially higher net present value for the IMTA operation than for salmon monoculture. However, uncertainty related to IMTA’s financial and environmental performance, as well as IMTA’s increased operational complexity, may be barriers to IMTA adoption in Canada at present. As a result, it is likely that IMTA must generate substantially greater profits than salmon monoculture to stimulate investment. Alternatively, declining salmon production in recent years may encourage IMTA adoption in the future since it can provide crop diversification and economic stability benefits. IMTA research may benefit from alternative assessment methods such as the real options approach that explicitly incorporate uncertainty.

中文翻译：

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加拿大东部鲑鱼单一养殖和综合多营养水产养殖的贴现现金流分析

摘要 我们评估了大西洋鲑鱼 (Salmo salar) 单一养殖与大西洋鲑鱼、蓝贻贝 (Mytilus edulis) 和糖海带 (Saccharina latissima) 综合多营养水产养殖 (IMTA) 运营的财务业绩。使用更新的方法和模型，我们改进了早期对 IMTA 经济学的研究。使用贴现现金流分析来评估加拿大新不伦瑞克芬迪湾假设单一栽培和 IMTA 运营 10 年的盈利能力。IMTA 业务的利润更高，即使其产品不包括价格溢价。IMTA 三文鱼和贻贝的 10% 价格溢价导致 IMTA 业务的净现值比三文鱼单一养殖高得多。然而，与 IMTA 的财务和环境绩效相关的不确定性，以及 IMTA 增加的运营复杂性，可能是目前加拿大采用 IMTA 的障碍。因此，IMTA 很可能必须产生比鲑鱼单一养殖大得多的利润才能刺激投资。或者，近年来鲑鱼产量下降可能会鼓励未来采用 IMTA，因为它可以提供作物多样化和经济稳定效益。IMTA 研究可能受益于替代评估方法，例如明确包含不确定性的实物期权方法。近年来鲑鱼产量下降可能会鼓励未来采用 IMTA，因为它可以提供作物多样化和经济稳定效益。IMTA 研究可能受益于替代评估方法，例如明确包含不确定性的实物期权方法。近年来鲑鱼产量下降可能会鼓励未来采用 IMTA，因为它可以提供作物多样化和经济稳定效益。IMTA 研究可能受益于替代评估方法，例如明确包含不确定性的实物期权方法。