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subcatchable stocking, however, with the understanding that success of stocking of those sizes of fish is largely dependent upon the productivity of the waters. Alternative 13: Undertake an economics-based study (Johnson et al. 1995) that examines the cost, benefits, and anglers' willingness to pay for hatchery-reared fish in Colorado. This should also incorporate results to enable an understanding of "angler satisfaction" and the estimation of angler success and demand by category. The study should be done on a broad scale so that the results can be applied to the entire hatchery system. This option calls for studies to be done to help us define and understand the role of fishery management and the hatchery system in Colorado. We need better information about angler use of our fishery resource, and their expectations for and satisfaction with angling experience. We could also gain an economic perspective of the efficiency of our hatchery programs through an assessment of the costs, benefits, and anglers' willingness to pay for their recreational use of hatchery-reared fish. (1) One study could very well be patterned after a project completed for the DOW by the Cooperative Fisheries Research Unit at CSU (Bergersen et al. 1982). Because their work included large sample sizes, some important and powerful statistical inferences were possible. They addressed angler success (catch-per-hour), demand, and angler satisfaction with their fishing experience in Colorado. This information should be updated and expanded to provide DOW fishery managers with a fundamental understanding of the factors that make up angler satisfaction. Knowing the relative contribution of each independent variable to overall "satisfaction" would allow the DOW to manipulate stocking rates, regulations, or the availability of local amenities, etc., to achieve a desired level of angler satisfaction. Conversely, we would know that there are some (perhaps important) variables affecting satisfaction over which we have absolutely no control, e.g., we cannot be held responsible for the weather, and we cannot force people to go fishing. (2) Another recommended study would use production cost information from our hatchery system and basic data on angler use to provide insight into the cost-benefits of our hatchery production system, answering the question, "Do the benefits realized on a local and statewide basis as a result of our fish stocking programs warrant the cost of producing the fish stocked?" A willingness-to-pay exercise would probably be a part of this assessment. Using these techniques, Johnson et al. (1995) drew some interesting and far-reaching conclusions about the efficiency of our hatchery system. Though none of the authors of this document profess to be an economist, it appears that these techniques should provide the DOW with additional decision-making criteria. 52