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Estimation of a generalized fishery model: A two-stage approach

Publication ,  Journal Article
Zhang, J; Smith, MD
Published in: Review of Economics and Statistics
2011

U.S. federal law calls for an end to overfishing, but measuring overfishing requires knowledge of bioeconomic parameters. Using microlevel economic data from the commercial fishery, this paper proposes a two-stage approach to estimate these parameters for a generalized fishery model. In the first stage, a fishery production function is consistently estimated by a within-period estimator treating the latent stock as a fixed effect. The estimated stock is then substituted into an equation of fish stock dynamics to estimate all other biological parameters. The bootstrap approach is used to correct the standard errors in the two-stage model. This method is applied to the reef-fish fishery in the northeastern Gulf of Mexico. The traditional method, which uses catch-per-unit-effort as a stock proxy, significantly overstates the optimal harvest level. © 2011 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology.

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Published In

Review of Economics and Statistics

DOI

ISSN

0034-6535

Publication Date

2011

Volume

93

Issue

2

Start / End Page

690 / 699

Related Subject Headings

  • Economics
  • 3802 Econometrics
  • 3801 Applied economics
  • 3502 Banking, finance and investment
  • 1403 Econometrics
  • 1402 Applied Economics
 

Citation

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Zhang, J., & Smith, M. D. (2011). Estimation of a generalized fishery model: A two-stage approach. Review of Economics and Statistics, 93(2), 690–699. https://doi.org/10.1162/REST_a_00075
Zhang, J., and M. D. Smith. “Estimation of a generalized fishery model: A two-stage approach.” Review of Economics and Statistics 93, no. 2 (2011): 690–99. https://doi.org/10.1162/REST_a_00075.
Zhang J, Smith MD. Estimation of a generalized fishery model: A two-stage approach. Review of Economics and Statistics. 2011;93(2):690–9.
Zhang, J., and M. D. Smith. “Estimation of a generalized fishery model: A two-stage approach.” Review of Economics and Statistics, vol. 93, no. 2, 2011, pp. 690–99. Scival, doi:10.1162/REST_a_00075.
Zhang J, Smith MD. Estimation of a generalized fishery model: A two-stage approach. Review of Economics and Statistics. 2011;93(2):690–699.
Journal cover image

Published In

Review of Economics and Statistics

DOI

ISSN

0034-6535

Publication Date

2011

Volume

93

Issue

2

Start / End Page

690 / 699

Related Subject Headings

  • Economics
  • 3802 Econometrics
  • 3801 Applied economics
  • 3502 Banking, finance and investment
  • 1403 Econometrics
  • 1402 Applied Economics