The market and shadow value of informal fish catch: a framework and application to Panama

Fisheries catches are known to be widely underreported, and much of their value flows in informal markets. Goods and services that are not directly sold in a market also have a corresponding economic value, here termed ‘shadow value’, which can apply to discarded fish—or those that are consumed but not sold (e.g., subsistence catches). Here, we estimate the monetary value of fisheries catches in Panama that are landed but not reported, or that...