of fishing power significantly alters the amount of measured fishing

effort present in the GMRFF.

 The determinants of fishing power were taken as exogenous factors

in the catch equations. Thus, changes in catch are assumed to result

from changes in vessel numbers with given fishing power. Given this

treatment of fishing power, the parameter corresponding to vessels in

the catch equations provided an estimate of returns to scale in the

fishery. The scale elasticity parameter was constrained to be equal

across states.

 The estimated scale elasticity for vessels indicated that a 10

percent increase in vessel numbers holding fishing power constant would

increase catch by 7.4 percent. A statistical test of the scale elas-

ticity equal to one against the alternative of less than one was

rejected at the a = .05 level of significance. Given that constant

returns to fishing effort has been one of the main assumptions underly-

ing surplus stock production models, the result of this test is signifi-

cant in relation to the use of such models in addressing fishery

management questions concerning the GMRFF.

 The estimated catch equations were non-equilibrium expressions.

Non-equilibrium, as used here, implies that the estimated catch result-

ing from a given level of fishing effort is not constrained to be equal

to sustainable yield. Derived equilibrium catch equations can, however,

be obtained given certain assumptions. The main assumption necessary

for such a derivation was that the residual components of the auto-

regressive process contained in the catch equations be proportional to

the difference between catch and sustainable yield for any given level

of fishing effort. Given this assumption and the fact that the resource