Allocative Consequences of Pot Limits in the Bristol Bay Red King Crab Fishery: An Economic Analysis

Alaska's Bristol Bay fishery for red king crab Paralithodes camtschaticus is an example of a high-value, high-effort fishery characterized by short seasons and difficult in-season management. Pot limits are viewed as one potential way of reducing management problems. Two pot limit schemes were considered here: fixed pot limits, where each vessel is limited to the same number of pots, and proportional reduction requirements, where each vessel must reduce its number of pots (determined by past registration) by the same percentage. Production functions relating vessel performance to pot numbers were estimated. These models were subsequently employed in model simulations to evaluate potential effects various pot limit regulations may have on fleet performance, Results of this study suggest that the 1992 decision of the Alaska Board of Fisheries to implement a fixed limit of 250 pots per vessel in the Bristol Bay red king crab fishery (a decision that since has been revoked) may have conflicted with the Magnuson Fishery Conservation and Management Act and the North Pacific Fishery Management Council's plan for the Bering Sea–Aleutian Islands king crab fisheries. Additionally, the enacted pot limit may not have achieved desired management objectives.