Measurement Error in the Schaefer Production Model
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This paper contributes to the existing literature on the Schaefer Production Model by applying a relatively new method for reducing the bias induced by measurement error, known as Simulation Extrapolation (SIMEX). We test this new method on logbook data from the Mid-Atlantic surfclam fishery from 2001-2009. We show that the SIMEX estimator reduces bias in the parameter estimates for the biological parameters and biomass estimates. This contribution is important because fishery managers may only have logbook catch and effort data on a few time periods, which could lead to poor biomass estimates, and potentially leading to a state of overfishing.