Morgan Cheatham, PhD, USSEC’s Manager of Animal Utilization & Aquaculture, has been honored with the 2024 Best Dissertation Award by the International Association of Aquaculture Economics and Management (IAAEM). The award was presented during the Aquaculture 2025 conference held in New Orleans from March 6th-10th, recognizing Morgan's significant contributions to the field of aquaculture economics.
Morgan's dissertation focused on economic risk management in U.S. catfish production, identifying which existing production methods offer the highest potential for net returns. Her research provides valuable insights to help U.S. catfish farmers make more informed management decisions, enabling them to mitigate risks and improve profitability.
More About the Dissertation:
Cheatham's research tackled some of the most pressing economic challenges faced by U.S. catfish farmers. The primary objectives of her dissertation were:
- Evaluating Split-Pond Designs: Estimating the initial investment, cost of production, and investment feasibility of four split-pond designs: slow-rotating paddlewheel, modified paddlewheel aerator, screw pump, and axial-flow pump.
- Assessing Economic Risk: Estimating the economic risk associated with various commercial catfish production practices and identifying the key factors contributing to economic risk in these practices.
- Quantifying the Impact of Off-Flavor: Evaluating the cost and economic consequences of off-flavor (flavors that deviate from the desired or expected flavor of the product) on U.S. catfish farms and the broader U.S. economy.
Cheatham emphasized the importance of understanding these risks to foster growth within the aquaculture industry. “One factor limiting the growth of the global aquaculture industry is the availability of investment capital. Many investors interested in aquaculture hesitate to make investments in actual farms due to the high levels of embodied risk and instead choose to invest in tech or some other supporting industry sector. It is my hope that this research can be replicated to measure economic risk levels of specific aquaculture operations so that risks can be more effectively mitigated thus making the operation more attractive to investors.”
A Personal Connection to the U.S. Catfish Farming
Cheatham’s interest in the U.S. catfish industry is deeply personal. Reflecting on her connection to the region, she shared, “I wanted to study the U.S. catfish industry in particular because it accounts for over half of U.S. aquaculture production, and a large proportion of the industry is located in the Mississippi Delta region—which is where my family's roots are.”
Her research aims to equip aquaculture farmers with the tools they need to navigate economic uncertainties. “My hope is that this work helps aquaculture farmers, and specifically U.S. catfish farmers, to make more risk-informed management decisions which allow them to continue to grow their businesses,” Morgan explained.
Bridging Economics and Practical Farming
Receiving this award marks a significant milestone in Cheatham's professional journey. “I am very honored to receive this award and to have my work recognized by the aquaculture economics community. I entered my Ph.D. program knowing far more about fish husbandry and farm management than economics and left an economist who also knows about practical farming,” she said.
Cheatham's work underscores the critical intersection of economic analysis and practical farming expertise, offering insights and solutions to critical issues hindering sustainable growth in the U.S. aquaculture industry. Her recognition by the IAAEM highlights the importance of research that not only advances academic understanding but also delivers real-world benefits to farmers and the broader industry.
Cheatham has already published her dissertation research in various aquaculture focused journals and has presented the findings at both academic conferences and farmer-focused extension meetings.
The published works can be found here:
Cheatham, M., Kumar, G., Johnson, J., Avery, J., & Aarattuthodi, S. (2023). Economic risk of commercial catfish production practices. Aquaculture Economics & Management, 27(4), 714–736. https://doi.org/10.1080/13657305.2023.2181463.
Cheatham, M., Kumar, G., Tucker, C., Rutland, B. (2023) Research verification of four commercial scale split pond designs. Aquacultural Engineering. 103, 102349. https://doi.org/10.1016/j.aquaeng.2023.102349.
Cheatham, M., Kumar, G., Tucker, C., Roy, L. A., Dahl, S., Peterman, M., Avery, J., & Johnson, J. (2024). Cost and impact of off-flavor on U.S. catfish farms. North American Journal of Aquaculture, 86, 267–276. https://doi.org/10.1002/naaq.10342.
This article is funded in part by the soy checkoff.
