Maritime Aquaculture as Sustainable Resource use: A Hong Kong case study of the Pompano

The emergence and proliferation of maritime aquaculture is an important response to the overexploitation and subsequent depletion of open-access maritime resources. This paper uses the case study of the market substitution of two species of caught pomfret (Pampus chinensis and Pampus argenteus) with cultured pompano (Trachinotus blochii) in Hong Kong's retail market to demonstrate aquaculture's contribution to overcoming the so-called “tragedy of the commons” and achieving sustainability. Prices of open-access resources typically fluctuate, resulting in an unreliable supply and high price volatility. Transforming an open-access resource into an exclusive one can provide a steadier supply at a lower, more stable price, as previous studies of caught and cultured fish of the same species have identified. In this case, a steady supply of lower-priced cultured pompano has replaced the unreliable supply of the two more expensive species of caught pomfret. What makes this case unique is that the pompano is sold in retail outlets and restaurants under a Chinese name that is identical to that of the two far more expensive species of caught pomfret, which further enhances their substitutability. Although it is a small place with a population of less than 8 million, Hong Kong is the eighth largest consumer market for fishery products. This study demonstrates the importance of proper institutional arrangements for conserving and nurturing resources.