Optimal Economic Fishery Effort in the Maldivian Tuna Fishery: An Appropriate Model

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Abstract
The estimation of a production function for Maldivian tuna fishery is a two-step process. First, it is necessary to find the relationship between catch and effort and second, to find the most efficient combination of inputs to produce the various levels of effort and hence output. The paper discusses the selection of an appropriate model to explain the relationship between tuna catch and effort and presents a technique for estimating the effort level required for an optimal allocation of resources which maximize the economic benefit of the fishery to the society. It also considers the extent to which the present pricing policy of the State Trading Organization for tuna has prevented the fishery reaching the open-access equilibrium yield level of effort and dissipating resource rent.

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