Bioeconomic analysis of alternative management policies for the United States Gulf of Mexico reef fish fishery

Since the red grouper stock was initially declared to be overfished by the NMFS in October 2000, the Gulf of Mexico Fishery Management Council must prepare a red grouper rebuilding plan considering the following alternative management measures: TAC, 5-month season closure, 1800-pound trip limit, and 50-fathom line. The purpose of this study is to evaluate the combined biological and economic effects of management policies considered by the Council for rebuilding the red grouper stock in a 10-year rebuilding period by developing a bioeconomic model using 1999 and 2002 Red Grouper Stock Assessment (1999 LEM model and 2002 LEM model). The second purpose is to consider the impacts of the red grouper regulations on the yellowedge grouper by developing a joint red grouper and yellowedge grouper bioeconomic model.; In the single red grouper models, because of the different results of the 1999 red grouper stock assessment and the 2002 stock assessment, models showed somewhat different results. The target red grouper spawning stock goal was not achieved during the rebuilding period in all policies, with the sole exception of the TAC policy in the 1999 LEM model. However, the target SS goal was attained under all management policies in the 2002 LEM model. In both models, the NPV was the largest in the 5-month season closure policy if the output price did not fall. There were distributional effects on the different components of the fleet in the 1800-pound trip limit policy and the 50-fathom policy.; In a multispecies model, the effects of management measures were somewhat different from those analyzed by a single red grouper model. It was found that the 1800-pound trip limit policy was more effective, while the 5-month season closure was less effective. Without a TAC on the yellowedge grouper fishery, red grouper regulations adversely affected the yellowedge grouper stock.