FRANK A. BENFORD
The principal purpose of this model is to aid in the evaluation and design of regulations that affect the fishery. It differs from most previous models with a similar purpose in three ways. (1) Daily fishing costs are assumed to vary among fishermen. (2) Daily fishing effort is determined endogenously rather than being treated as a control variable. (3) Entry into the fishery is determined endogenously up to a cap imposed by the regulatory agency. The model explains the adverse reaction to a proposed attempt to increase the value of the fishery by delaying the opening date. The model is used to predict the economic consequences of four feasible sets of regulations.