A New Approach to Determining the Legal Monetary Value of Marine Finfish Species

Webb Smathers
Dept. of Agr.& Applied Economics, Clemson U., Clemson, SC 29634-0355, 864-656-5764, FAX: 864-656-5776, wsmthrs@clemson.edu

Raymond Rhodes
Marine Resources Div., SC Dept. of Natural Res., PO Box 12559, Charleston, SC 29422

The South Carolina Department of Natural Resources (SCDNR) does not currently have specific regulations for evaluating the legal monetary value of most marine finfish species. These species oriented values could be used in litigation and fines involving environmental accidents and illegal activities which result in the injury or loss of these species. In 1999, a project was funded through the SCDNR's Marine Resources Division to organize and conduct evaluation panels to determine the legal value of selected marine finfish species. The panel approach is a departure from complex, large sample survey techniques and has the potential of providing a flexible technique for determining the legal value of numerous species. This technique is based upon assigning monetary values to various criteria ranking scales of selected marine finfish species groups by a lay and expert evaluation panels. The initial ranking scales were developed from a small sample survey of SCDNR marine biologists familiar with the life history and population characteristics of marine finfish species found in or near South Carolina. The panel methodology was pretested during 1999 using the ranking scales. The panels are scheduled for March, 2000. Based upon the analysis of the evaluation panel responses, recommendations for possible monetary value regulations will be prepared.