TABLE OF CONTENTS (Continued)


 Page

 Cross-Sectional Specification
 Considerations .... .. ..... ... .. 59
 Choice of Estimator for the Catch
 Equations . .. 63

 Price Equation Specification and Estimation ...... 68

 Aggregation Across Species .... ..... .69
 Choice of Estimator for the Price Equation ... 74

 IV EMPIRICAL RESULTS .................. .. 77

 Analysis of Production in the Gulf of Mexico Reef
 Fish Fishery .. ... ................ 77

 Fishing Power .................... 81
 Catch Equations .............. 88
 Derived Equilibrium Catch Equations ......... 89
 Productive Interdependence and Average
 Productivity . 91

 Analysis of the Price Equations ............ 94
 Gulf of Mexico Reef Fish Optimization Model ...... 100

 Total Revenue Equations .............. 101
 Cost Equations ............. .... 102
 Catch Equation Constraints ............ 106

 Maximum Economic Yield .. .. ........... 107

 Exogenous Changes in Fishing Power ......... 114
 Comparison with Previous Studies ......... 119

 V SUMMARY AND CONCLUSION ................ 123

 Theoretical Conclusions ... ....... .125
 Estimated Parameters ........... 127
 Condition and Management of the Fishery ......... 134

APPENDICES

 A SPECIES COMPOSITION OF THE FISHERY AND THE
 DISTRIBUTION OF FISHING ACTIVITY ........... 140

 B DATA UTILIZED IN ANALYZING THE GULF OF MEXICO
 COMMERCIAL REEF FISH FISHERY ......... 144


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