Cruise Report 70-S-5: Big Game Fish

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Evolution of time preference by natural selection

We reexamine Rogers’ (1994) analysis of the biological basis of the rate of time preference. Although his basic insight concerning the derivation of the felicity function holds up, the functional form he uses does not generate the evolutionary equilibrium behavior. Moreover, Rogers relies upon an interior solution for a particular kind of intergenerational transfer. We show such interior solutions do not generally arise. Hence Rogers most striking prediction, namely that the real interest rate should be about 2% per annum, does not follow

The status of the California yellowtail resource and its management

The California yellowtail, Seriola dorsalis, is a highly favored sport fish and a minor commercial species. Since 1954 commercial landings have been limited by demand, and the sport catch has been about three times the number of fish caught by commercial fishermen. Recreational fishing for yellowtail in southern California waters is almost entirely dependent on annual migrants from central and northern Baja California. The resource is presently healthy but reduced catches off California could be the result of an expanded catch off Mexico. (19pp.