DERIVING SPECIES-SPECIFIC BENEFITS MEASURES FOR EXPECTED CATCH IMPROVEMENTS IN A RANDOM UTILITY FRAMEWORK

A random utility model of site choice is applied to marine recreational fishing trips in North Carolina. Expectations of catch rates of different species groups are estimated using a Poisson specification. A likelihood ratio test is employed to separate the expected catch of red drum (Scianops ocellatus) from a larger species group. Per trip measures of compensating variation are measured for two alternative specifications of an improvement in red drum catch, and the catch of other species groups. Willingness-to-pay measures are reported by fishing mode according to target species. Anglers targeting a particular species have higher willingness-to-pay than anglers targeting a different species, and anglers with any target have higher willingness-to-pay than anglers with no target.Resource /Energy Economics and Policy,