In this paper, a theoretically consistent approach to including time costs in recreational demand models is developed. The demand model is conditional on the recreationist's labor market situation. For individuals at corner solutions in the labor market, utility maximization is subject to two constraints, leading to a demand function with travel costs and travel time as independent variables. With interior solutions in the labor market, time is valued at the wage rate and combined with travel costs to produce one “full cost” variable. In an illustration, welfare measures based on the new model are estimated for a sample of sportfishermen.

Despite the extensive effort to research issues of allocative efficiency in fisheries, little empirical analysis of technical efficiency (TE) in fisheries exists. This study examines vessel efficiency using a stochastic production frontier based on a sample of sea scallop vessels operating in the Mid‐Atlantic between 1987 and 1990. Estimates of TE are computed and compared with input usage, resource conditions, economic performance, and recently imposed regulations. The analysis suggests that owners and captains only partially compensate for changes in resource conditions through the use of labor and fishing effort, and recent regulations may improve overall TE in the short run.

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Over the past two decades, the marketing of fish has recognized the importance of quality. Yet empirical analysis of market transactions could give us little insight into the value of different qualities of fish because market data are typically aggregated. We exploit a dataset on the auction price of tuna sold in Hawaii to estimate a hedonic model. The model provides empirical estimates of price increments due to species, quality of the fish such as size or fat content, method of handling, and market conditions. The empirical results are also used to estimate price flexibilities for landings in Hawaii. Copyright 2000, Oxford University Press.

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