The economics of bycatch resuction devices in regulated fisheries
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By-catch reduction devices increase the equilibrium population of the by-catch
species at every level of effort directed at the target species of fish. Also, cost per unit
effort is increased and this reduces effort and profit. It is shown that for effective bycatch
reduction devices, the fall in effort makes an unimportant contribution to the
increase in the equilibrium population of the by-catch species. Thus, it is concluded
that mandatory by-catch reduction devices be introduced at minimum cost. That is,
without additional regulations which mainly reduce effort and profit.