Simulating the economic viability of crawfish production: a two-stage approach

The purpose of the study is to determine if raising eastern white river crawfish (Procambarus acutus acutus) in the Mid-Atlantic region year-round is economically feasible. The possibility for economic success, or even survival, is examined with the use of a two-stage dynamic-stochastic simulation modeling framework. Six simulation models were created in ProModel 4.0 to mimic crawfish farms with different components. Information collected from the ProModel experiments were then used in @Risk, a Microsoft Excel add-in, in order to determine the economic viability of crawfish farms using capital budgeting methods. Preliminary results suggest that crawfish farming in the Mid-Atlantic region can be feasible, assuming the consumer demand exists