Table 2.
Own-quantity flexibilities and changes to market clearing prices for high valuea finfish
Own-Quantity Flexibilities | Standard Deviations | Percentage Change in Priceb | |||||
---|---|---|---|---|---|---|---|
First Stage | Second Stage | Total | First Stage | Second Stage | Total | ||
Flounder | −0.612 | 0.011 | |||||
Chesapeake | −0.4720 | −0.3775 | 0.0209 | 0.0212 | −2.25% | ||
New England | −0.6452 | −0.5472 | 0.0134 | 0.0135 | −0.84% | ||
Mid-Atlantic | −0.6143 | −0.5167 | 0.0144 | 0.0147 | −0.67% | ||
South Atlantic | −0.4949 | −0.3970 | 0.0129 | 0.0133 | 0.12% | ||
Striped Bass | −0.3842 | 0.0184 | |||||
Chesapeake | −0.8186 | −0.3683 | 0.0371 | 0.0386 | −1.62% | ||
New England | −0.4479 | −0.2735 | 0.1726 | 0.1727 | 1.01% | ||
Mid-Atlantic | −0.7519 | −0.6620 | 0.0468 | 0.0469 | 0.15% | ||
South Atlantic | −0.6291 | −0.5372 | 0.0759 | 0.0759 | 0.98% | ||
Black Sea Bass | −0.3351 | 0.0205 | |||||
Chesapeake | −0.6840 | −0.5262 | 0.0155 | 0.0164 | −0.49% | ||
New England | −0.2334 | −0.1243 | 0.0184 | 0.0188 | −0.49% | ||
Mid-Atlantic | −0.5675 | −0.3873 | 0.0191 | 0.0199 | −0.49% | ||
South Atlantic | −0.5976 | −0.4269 | 0.0150 | 0.0161 | −0.49% | ||
Gulf | −0.4068 | −0.3546 | 0.0597 | 0.0597 | −0.49% | ||
Eel | −0.7295 | 0.0552 | |||||
Chesapeake | −0.7141 | −0.5306 | 0.0200 | 0.0425 | −1.02% | ||
Mid-Atlantic | −0.6381 | −0.5698 | 0.0284 | 0.0321 | −0.08% | ||
South Atlantic | −0.5968 | −0.5639 | 0.0309 | 0.0318 | −0.34% | ||
Cod | −0.5880 | 0.0162 | −0.37% | ||||
Grouper | −0.6224 | 0.0143 | −0.56% |
Finfish with an average dockside price greater than $1 per pound.
Predicted change in market clearing prices given the expert panel’s projection of Chesapeake Bay species’ stock sizes and assuming proportional harvest changes. Price changes are calculated by using the first and second stage model results to find the baseline and policy budget allocations and then dividing by the exogenously determined harvest vectors to find market clearing prices under each scenario.