108


 Table 10. Adjusted and unadjusted intercepts for the
 estimated Gulf of Mexico Reef Fish Fishery catch
 equations by state


 State Adjusted intercepta Unadjusted intercept


 Florida 5.1000 3.1553

 Alabama 5.2318 2.3799

 Mississippi 5.7804 2.7476

 Louisiana 2.8238 0.52701

 Texas 4.1426 1.6242

 alncludes fishing power determinants fixed at 1975
 levels.


optimization model and corresponding first order conditions are given in

Appendix H.

 The optimization problem defined above is characterized as a non-

linear optimization problem which requires the use of numerical optimi-

zation techniques for solution. The method of solution employed was a

quadratically convergent Newton-like method (Brown, 1969) available in

the Institute of Mathematics and Statistics Library (IMSL) software

package (IMSL, 1979).

 The results of the optimization procedure are presented in Table

11. The maximum economic yield estimated for the GMRFF, conditioned by

1975 levels of fishing power, is approximately 11.5 million pounds.

Total profit in the fishery is estimated at approximately 3.2 million

dollars. Examination of the average profit per vessel shows consider-

able variation across states. Mississippi vessels demonstrate the