Table 2.

Own-quantity flexibilities and changes to market clearing prices for high value^a 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%

^aFinfish with an average dockside price greater than $1 per pound.

^bPredicted 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.