A Bioeconomic Analysis of the Northwestern Hawaiian Islands Lobster Fishery

Abstract

Several surplus production-based bioeconomic models are applied to the Northwestern Hawaiian Islands (NWHI) commercial lobster fishery. The model which best explains the biological dynamics of the fishery is a modification of the Fox model developed by the authors. Economic costs are applied within a number of conceptual frameworks to develop the first integrated bioeconomic model of the fishery. In another development, the opportunity cost of labor based on crew share at the open access equilibrium level of fishing effort is used instead of proxy wage levels. Given the costs incurred, the fishery appears to be self regulating in terms of long-term fishing effort for maximum sustainable yield.