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. Author manuscript; available in PMC: 2020 Sep 24.
Published in final edited form as: Empir Econ. 2018;55(3):1181–1206. doi: 10.1007/s00181-017-1309-3

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%
a

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

b

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.