capture MEY by the corresponding estimated fishing power index defined

by equation (76), a standardized measure of fishing effort, standardized

vessels, can be obtained.

 In terms of standardized vessels, the MEY catch of 11.5 million

pounds would be obtained by approximately 235 standardized vessels

(Table 11). The reef fishery as a whole in 1975 reported a catch of

14.7 million pounds resulting from the operation of 486 standardized

vessels. Thus, a 52 percent reduction in effective fishing effort is

estimated to bring about only a 22 percent reduction in catch. The

reasonably small decline in catch in spite of a reduction in fishing

effort of more than 50 percent suggests that the commercial reef fishery

may, in fact, be operating with effort levels greater than those neces-

sary to catch maximum sustainable yield. Given that the reef fishery

has been unregulated with respect to effort restrictions, such a result

is harmonious with the theory of an open access common property resource.

 Within the confines of the present model, the implication of over-

fishing is difficult to directly verify because the derived equilibrium

catch functions approximate only the left hand side of the traditional

(Schaefer, 1954) sustainable yield curve (see Figure 5). From an

economic standpoint, this result does not limit the usefulness of the

present model since the portion of the sustainable yield function to the

left of MSY represents the "economic" region of production. However, to

verify that overfishing is present required that a complete Schaefer

type sustainable yield function (equation 5) be estimated.

 Several data adjustments were performed before this sustainable

yield function was estimated. In that only fishing grounds within the

200 mile limit were of interest, the catch of reef fish off foreign