An expected profit model for monetizing fishing location choices

We develop and analyze the properties of a new type of discrete choice model which jointly estimates the expected value of catch and location choice. This model implicitly monetizes location choices and can be used to predict costs and effort redistribution of creating marine protected areas or of implementing other policy changes that either increase travel costs or alter expected revenue. We illustrate our approach by considering the closing of the Steller sea lion conservation area in the United States Bering Sea to pollock fishing.