The main topic for this thesis is economic risk and risk management, primarily within aquaculture. In particular, political risk is studied, defined as risk related to political decisions and regulations. This includes exploring and modelling the importance of such risks and studying methods for the management of such risks. Such analysis could have two main normative purposes, both of which are addressed in the thesis: First, to analyse how an individual agent''s risk exposure can be improved, and second, to determine how governments should develop policies to optimise the use of resources in society at large.