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A bio-economic model was used to analyse the risks of intensive production of shrimp and to propose alternative schemes of risk management by controlling aeration, pond size, stocking density and duration of cultivation. The model was calibrated from databases of farm operations in the State of Nayarit, Mexico. Improving management allowed us to project an increase in the annual net revenue from $3900 to $26 600 ha À1 and to improve the benefit-cost ratio from 1.14 to 1.55. Managing an early start of aeration, small-sized ponds, high stocking densities and long cultivation periods maximized economic outcomes. Operating a small farm (consisting of a single 2.5 ha pond) involves more risk than operating a large one (50 ha, consisting of 20 ponds of 2.5 ha each). Improving management also resulted in diminished risk, as indicated by increased values of return per unit risk from 0.14 to 0.21 or from 0.42 to 0.51 (depending on farm size). From sensitivity analysis, we concluded that small ponds are recommended for intensive production of Litopenaeus vannamei and that white spot disease is a major risk factor that can be partly controlled by managing dissolved oxygen levels and aeration.