in vessel size of 20 gross registered tons to maintain fishing power at

the same level (point B).

 These aspects of the substitutability between crew size and vessel

size are significant in regards to managing the GMRFF. Management mea-

sures must focus on regulating nominal fishing effort (vessels), fishing

power or both. Figure 12 demonstrates that significant changes in the

average input composition in each state may be required to maintain

fishing power at constant levels. Furthermore, given the substantial

differences in the average fishing power of vessels across states in the

GMRFF, it can be seen that management measures aimed at maintaining

fishing power at constant levels must be formulated on an individual

state basis.


Catch Equations


 The catch equations derived in equation (45) expressed catch as a

function of effective fishing effort, with effective fishing effort

defined to be the product of nominal effort (vessels) and fishing power.

This section centers on catch equations conditioned by fixed levels of

fishing power. Thus, each state's catch becomes a function of the

number of vessels fishing power being fixed.

 The output elasticity of vessels with given fishing power is esti-

mated to be 0.74023 (Table 2). Recalling that this parameter is con-

strained to be constant across states, it may be interpreted to estimate

a 7.4 percent increase in catch in each state given a 10 percent increase

in vessels holding fishing power in each state at a fixed level. Given

the manner in which fishing power has been defined, this output elas-

ticity is synomous with returns to scale in the fishery. The notion of