incorporation of the derived equilibrium catch functions with a system

of estimated price and cost equations.

 Maximum economic yield of reef fish was estimated to be 11.5

million pounds. The economically efficient number of nominal vessels

corresponding to this level of catch was estimated to be 180. This

result was conditioned by exogenously fixed average fishing power per

vessel at 1975 reported levels. Fishing power was systematically

changed to determine the effects of such changes on maximum economic

yield and the corresponding optimum number of vessels.

 The results of the analysis implied that the reef fish fishery in

1975 was overfished biologically and economically. To support this

implication, a Schaefer type sustainable yield function was estimated

for the domestic Gulf of Mexico Reef Fish Fishery. Maximum sustainable

yield was estimated to be 13.7 million pounds which is consistent with

the implication of overfishing.


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