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NOAA Fisheries best practices for measuring returns to fishing businesses
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2022
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[PDF-846.36 KB]
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Description:NOAA Fisheries and fishery management council economists are required to perform economic analyses in support of fishery management actions. They also perform analyses for research purposes. Fisheries economic analyses often include the estimation of financial and economic returns1 to fishing businesses. Current guidance on conducting economic analyses2 of regulatory actions leaves a large degree of latitude to economists on how to estimate returns. Because there can be regional differences in the characteristics of fishing businesses and in availability of cost, revenue, and other data, it is best to not be overly prescriptive. However, this has led to some inconsistencies in terms and methods among regional programs and among individual analysts. To address these inconsistencies, a working group of NOAA Fisheries economists was formed in March 2017 to review relevant fisheries economics literature, guidelines, and accounting standards to produce a set of recommended approaches for estimating returns. This report contains the resulting recommended best practices. In developing recommendations, the working group considered existing fishing business cost data collection programs as well as what could reasonably be collected in the foreseeable future. Thus, these best practice recommendations do not suggest approaches that require inordinate amounts of data. These recommendations are consistent with other NOAA Fisheries guidance and common practices.
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Rights Information:CC0 Public Domain
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