stock will adjust such that catch and sustainable yield are equated if

fishing effort is held constant for a sufficient period of time, the

limit of the estimated catch equations over time was shown to correspond

to an equilibrium relationship between catch and fishing effort. This

occurs because the autoregressive component of the catch equation

approaches zero over time for any fixed level of fishing effort.

 The derived equilibrium relationship between catch and fishing

effort is only valid in the economic region of production. That is, the

equilibrium catch equations derived from the estimated equations approxi-

mate only the left hand side of the sustainable yield curve. However,

in relation to fishery management questions, it is precisely this por-

tion of the sustainable yield function that is of interest from an

economic efficiency standpoint.

 The system of price equations was specified in terms of a nominal

weighted average dockside price of reef fish. Price equations were

specified such that price of reef fish in each state was expressed as a

function of within state catch, Florida catch and a time trend variable.

The presence of Florida's catch in each state's price equation provided

a means to measure the degree to which pecuniary externalities exist in

the fishery. The time trend variable provided a proxy measure of demand

shifts related to income and population changes as well as inflationary

trends in price.

 Estimation of the price equations was accomplished by utilizing a

two stage Aitken's estimator. This estimator was chosen because sub-

stantial contemporaneous correlation in the disturbances across equa-

tions was expected. All parameter estimates, except one, had the

appropriate sign and reasonable magnitude. Further, the substantial