Economic Potential of the California Trawl Fishery

Abstract

Abstract This paper presents a technique for estimating the physical yield function of a fishery when detailed biological and environmental data are lacking. The physical yield function of the California trawl fishery is incorporated in an economic model to show the relationship between maximum sustainable physical yield of the fishery and maximum economic yield. Maximizing the economic benefit of the fishery to society would involve a drastic reduction in resource use at a catch level considerably below the biological maximum sustainable yield. Only through marginal cost pricing can resources be allocated efficiently to the fishery.