The role of economic models in evaluating commercial fishery resources
1978
Harris, C.C. Jr | Norton, V.J.
Extract: The discussion in this paper is based on the recognition that there are and increasingly will be pressures to develop regional impact measures for fishery policy decisions. We have purposely sidestepped the issue of conceptual and empirical differences between the willingness-to-pay and market value approach to deriving value estimates. Instead, we have laid the groundwork for improved regional analysis of fisheries decisions. We have indicated ourconcern with standard input-output models and even with the applicability of dynamic input-output models to regional questions. Also, any model that cannot identify economic activity generated from nonproductive transaction costs will provide misleading implications. We conclude that the appropriate approach is one based on econometric relationships and which allows for dynamic and simultaneous adjustment in relevant variables and even coefficients.
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