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The demand for great lakes recreational fishing - Department of - econ msu

The demand for great lakes recreational fishing - Department of - econ msu 2025

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The document presents a demand model for recreational fishing in the Great Lakes, focusing on the potential endogeneity of travel costs. Using new data from Michigan anglers, the author estimates a nested logit model and tests for travel cost endogeneity through a control function approach. The findings indicate no evidence of endogeneity related to travel costs in anglers' residential location decisions, while highlighting that anglers respond to catch rates differently based on the type of fish targeted. The study emphasizes the importance of accurately valuing fishing sites to inform policy.

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How much is the Great Lakes Fishery worth?

0:17 2:55 Fishing. So its a huge huge uh industry and it means a lot to our economy fish supported indigenousMoreFishing. So its a huge huge uh industry and it means a lot to our economy fish supported indigenous communities for thousands of years.

What is the value of the Great Lakes?

Theyre also home for more than 3,500 plant and animal species, some of which are found nowhere else on Earth. The lakes provide the backbone for a $6 trillion regional economy that would be one of the largest in the world if it stood alone as a country.

What is the economic value of fisheries?

Global Revenue and Market Value In 2020, global fisheries produced approximately 178 million tonnes of aquatic animals, generating $141 billion from capture fisheries and $265 billion from aquaculture (FAO, 2022).

How much is the Great Lakes fishing industry worth?

The Great Lakes commercial, recreational, and tribal fisheries are collectively valued at more than $5.1 billion annually and support more than 75,000 jobs.

Which Great Lake has the most fishing?

Lake Erie is the warmest, most shallow and most biologically diverse of the North American Great Lakes, home to 107 species of fish (90 native, 17 introduced) making it one of the largest freshwater fisheries in the world.

What is the economic value of the Great Lakes fishery?

THE GREAT LAKES WERE FORMED Fish make the lakes great! The Great Lakes commercial, recreational, and tribal fisheries are collectively valued at more than $7 billion annually and support more than 75,000 jobs.

What are the largest fish in the Great Lakes?

Lake Sturgeon. Lake sturgeons are the biggest fish in the Great Lakes. And while individuals can pass the century mark, the species has been around since the days of the dinosaurs.