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We develop an economic model for a multi-species fishery that incorporates the spatial and temporal distribution of effort and fish stocks. Catchability coefficients and initial stocks are estimated from catch and effort data for each specific location. Vessels are allocated over space and time to locations of maximum profit, which decline with harvest because of stock externalities. A supply function for labor allocation in the fishery is estimated. The simulated model is applied to the Hawaii longline fishery. The economic impacts of regulatory policies, such as reduction of inshore gear conflict and conservation of offshore turtle populations, are examined.
Chakravorty et al. (Sat,) studied this question.