Abstract
Over the past 30 years, a widely accepted model of open-access fisheries has been developed, yet empirical tests of the standard model have been relatively few. One difficulty is that fish stocks, the levels of which affect the rate of catch, are not directly observable. Simplifying assumptions are generally required, such as the assumption that catchability does not change over time. Estimation on the basis of the standard model also raises difficulties in specification, if contemporaneous correlation of the error term with one of the regressors is to be avoided. This paper describes an algorithm that imposes a less restrictive pattern (than constancy) on catchability, yet does so in an econometrically acceptable fashion. It also reports on an application of this algorithm to the Flemish Cap groundfishery over the period from 1971 to 1985.
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