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a whole. It is these returns to new entrants which is most relevant for 

 evaluating investment opportunities and variolas public policy measures. 



(e) Price analysis data 



For any given fisherman, the price received for his catch is typically 

 unaffected by the magnitude of his catch. In the aggregate, however, fluc- 

 tuations in aggregate catch, whether random or policy induced, will induce 

 fluctuations in price. Measuring the relationships between aggregate catch 

 and price is the objective of demand or price analysis. By incorporating 

 such relationships in analysis of management alternatives, projecting the 

 economic effects of management measures is made more realistic. 



Demand relationships, especially those between landings and prices, 

 have direct implications for net economic returns to fishermen. In addition, 

 they provide the quantitative basis from which economic gains and losses to 

 consumers of fish products can be measured. Much of the requisite data base 

 for demand analyses already exists and is described in Section 1 1 -A of this 

 report. There are areas, discussed below, where some improvements would be 

 desirable. 



An area of demand analysis which has received very little attention to 

 date concerns the effects of qualitative attributes of the fish landed. A 

 grading system to reflect quality is lacking in fisheries. This is in 

 distinct contrast to agricultural products against which fish must compete. 

 It is widely believed that a standards program would be beneficial to fisher- 

 men and to consumers. A first step in remedying this situation would be a 

 statistically valid demonstration of the benefits, if any, which might be 

 derived from a grading system. 



Another determinant of prices to fishermen is the age class structure 

 of the catch. Age class structure can be significantly influenced by certain 



