Thus, price received by producers varies across states on the basis of

differing species compositions of catch.


 Condition and Management of the Fishery


 In terms of a standardized measure of fishing effort, the estimated

maximum economic yield of 11.5 million pounds was obtained from approxi-

mately 235 standardized vessels. The catch resulting from the 486

standardized vessels operating in the fishery in 1975 was reported at

14.7 million pounds. Thus, a more than 50 percent reduction in fishing

effort was estimated to decrease catch by only 22 percent. An implica-

tion of this result is that the reef fishery in 1975 employed effort

levels in excess of those necessary to capture maximum sustainable

yield. Given the fisheries long existence and the absence of effort

restrictions, such an occurrence is in harmony with current bioeconomic

theories of unregulated fisheries.

 To test this implication of overfishing, a Schaefer type sustain-

able yield function was estimated for the domestic commercial Gulf of

Mexico Reef Fish Fishery. The landings data used was adjusted by remov-

ing all catch of reef fish taken in foreign waters. Fishing effort was

measured in terms of standardized vessels adjusted in proportion to

catch in foreign waters.

 Maximum sustainable yield was estimated at 13.7 million pounds.

The corresponding level of fishing effort necessary to capture maximum

sustainable yield was estimated to be 388 standardized vessels. Based

on this estimate, the 1975 level of fishing effort present in the

fishery was greater than that necessary to capture maximum sustainable

yield. Further, the sustainable yield corresponding to the 1975 level