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Abstract
Investment strategies for Indonesian shrimp aquaculture were evaluated. Three strategies: intensive, semi-intensive, and extensive production systems, and four scales of operation: smallscale (2 ha), medium-scale (5 ha), large-scale (10 ha), and extralarge- scale (30 ha) were examined. Capital budgeting techniques were used to determine the system and scale that were most cost-effective for the industry. All systems showed positive net present values and had acceptable internal rates of return. The 2-ha and 5-ha semi-intensive were the most cost-effective with or without financing. The intensive strategy is less attractive for 10-ha production programs compared to the 10-ha and 30-ha semi-intensive. The results showed that net present valucs and benefit to cost ratios increased with farm sizes, but internal rates of retums (IRR) were the highest for 2-ha and 5-ha semi-intensive farms.