drop in the estimated standard errors obtained from utilizing the

systems estimator as compared to those resulting from single equation

ordinary least squares confirmed the presence of significant contempora-

neous correlation.

 The estimated own state price flexibilities indicated that Florida

landings had the largest within state effect on price. A 10 percent

increase in Florida reef fish catch was estimated to decrease price in

Florida by approximately 8.8 percent. Estimated own state price flexi-

bilities for Mississippi and Texas indicated a 10 percent increase in

landings in these states would decrease price by 3.8 and 1.3 percent,

respectively. Alabama and Louisiana price flexibility estimates indi-

cated that these states had virtually no effect on price.

 The effect of Florida's catch on reef fish prices in each state

was greater than the corresponding within state catch with the excep-

tion of Mississippi. Estimated cross state price flexibilities indi-

cated that a 10 percent increase in Florida catch would decrease reef

fish prices by about 2.0 percent in Texas and 4.0 percent in Louisiana.

The cross price flexibility estimates for Alabama and Mississippi

indicated a similar increase in Florida's catch would decrease respec-

tive prices by 2.7 and 3.7 percent. These estimated cross state price

flexibilities served to confirm Florida's dominance in the reef fishery

in relation to dockside price determination.

 The estimated effects on reef fish price in each state attributable

to demand shifts and inflation as measured by the time trend variable

were similar for all states. Florida price of reef fish demonstrated

the greatest annual price change over time, increasing an average of