| Economic framework for fishery allocation decisions with an application to Gulf of Mexico red grouper - :4706 | National Marine Fisheries Service (NMFS)
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Economic framework for fishery allocation decisions with an application to Gulf of Mexico red grouper
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  • Description:
    "The Gulf of Mexico Fishery Management Council is considering policies that would change the allocation of fishery harvest between the commercial and recreational sectors. This report introduces a framework to evaluate the economic consequences of these allocation policies. Specifically, we show how, in principle, to judge the economic efficiency of fishery allocations and to measure the potential benefits and costs of allocation decisions. The economic framework is applied in a case study of red grouper harvest in the Gulf of Mexico. The case study illustrates the extent to which the available measurement methods and data can provide results useful for policy purposes. Specifically, the goals of the case study are: 1) to examine the efficiency of the existing red grouper TAC allocation 2) to offer preliminary estimates of the gains and losses for small redistribution of the red grouper TAC, and 3) to assess whether the available data are sufficient to conduct a theoretically rigorous economic analysis of allocation for other species in the Southeastern U.S. The report is organized as follows. The next section introduces the key concepts of economic value in the context of fishery allocations. Section 3 shows how these concepts can be used to define the economically efficient allocation and measure the benefits and costs of reallocation. The potential pitfalls of using alternative metrics to make economic allocation decisions are described in Section 4. The fifth section summarizes the results of the red grouper case study and discusses the implications of the assumptions used in the analysis. More details about the technical aspects of the case study are presented in the Appendices"--Introduction.

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