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Economic Analysis of Technical Interdependencies and the Value of Effort in a Multi-Species Fishery

Authors
Disciplines
  • Design
  • Economics

Abstract

The paper reports the results of an analysis of the economic interrelationships in Florida's commercial near-shore fishery. A dual-based revenue function is specified to estimate own-price and cross-price elasticities of supply for selected key species and to estimate the marginal value of effort. Empirical findings indicate the fishery is characterized by joint production among all species pairs and that the complementarity of production is strongest for mullet as compared to any other species. This finding implies that effective management of the near-shore species complement may be possible through management measures designed to reduce the harvest of mullet. The paper concludes by demonstrating the potential effect that restricting harvest on mullet might have on landings of other near-shore species. The amount of compensation payments required to leave commercial harvesters as well off with the management change as without it are also presented.

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