Bioeconomics of Florida Recreational Fisheries to Estimate Willingness to Pay for Bag and Size Limits of Spotted Seatrout

Abstract

This research focuses on the economic component of a bioeconomic model for spotted seatrout in the recreational fisheries on Florida’s west coast. A survey was designed to assess how anglers, who caught or targeted spotted seatrout on Florida’s west coast, valued combined changes in the existing bag limit and size limit. The biological component of the stated preference model deemed such change necessary to ensure a sustainable stock. The biological model provides an economic constraint and results in the treatment of the bag and size limits as a composite good in which separate utilities cannot be measured for each component of the composite good. The stated preference choice method (SPCM) was used to estimate the change in economic value by boat mode of access (e.g., charter boat and private boat). The models also controlled for length of trip (full day versus half-day) for charter boat trips and for type of day (weekend or weekday) for both boat modes of access. Since those who accessed the fishery by private boat had a lower probability of achieving the bag limit/size limit, a model was run to predict the probability of achieving the bag limit/size limit and the probability was interacted with the bag limit/size limit choice. This yielded a positive willingness to pay for the bag limit/size limit combination that was sustainable. Estimated values per person per day for changing the bag limit/size limits to a sustainable level were USD 20.24 for the charter boat mode and USD 32.54 for the private boat mode. Aggregating this to a total value change using a five-year annual average (2012–2016) of total days of fishing for spotted seatrout on Florida’s West Coast yielded an estimate of USD 147.9 million per year for charter boat anglers. The total annual value was about USD 3.4 million, while for private boat anglers the annual value was about USD 144.5 million.