Document Type
Honors Thesis
Major
Finance
Advisor(s)
Stefano Tijerina
Committee Members
Melissa Ladenheim, Julia McGuire, Ronald Roope, Richard Wahle
Graduation Year
May 2020
Publication Date
Spring 5-2020
Abstract
The effects of climate change are often not visible to the human eye and can, therefore, be hard to detect. As society has progressed since the industrial revolution, the effects of climate change are omnipresent in global, regional, and local air and water temperatures. This research aims to highlight the correlation between the effects of climate change on potentially rising ocean water temperatures in the Gulf of Maine, and the possible resulting adverse impacts on Maine’s lobster industry and state economy. I will be using data compiled over the last several decades from the University of Maine’s Climate Change Institute and Lobster Institute, and the National Oceanic and Atmospheric Administration (NOAA) to provide findings on price per pound, and annual landings, commercial fishing employment rates, and costs of supply chain management, all of which contribute to overall economic impact. I am interested in finding out if warming temperatures in the Gulf of Maine adversely affect the lobstering industry; and whether these effects have led or will lead to significant changes in Maine’s Gross Domestic Product and economic growth. To test my hypothesis, I will be analyzing past and current data, as well as projections looking into the future to evaluate the implications of current or future threats to the Gulf of Maine’s lobster stock and economy.
Recommended Citation
Nitchman, Bryce, "The Impact of Climate Change: an In-Depth Analysis of Warming Ocean Water Temperatures and the Effects on Maine’s Lobstering Industry and Subsequent Effect on the State Economy" (2020). Honors College. 602.
https://digitalcommons.library.umaine.edu/honors/602