This study was performed to estimate optimum fishing mortality (F) and the age at first capture ($t_c$) for small yellow croaker in Korean waters. We first estimated optimum F and $t_c$ using traditional yield-per-recruit (YPR) analysis, and the results were 0.8/year and 2.5 years old, respectively. However, the individual fish price per unit weight of small yellow croaker in Korea increases dramatically by size. Thus, we developed an alternative method, which is called as production value-per-recruit (PPR) analysis. We developed two types of the PPR analysis, that is, the discrete function and the continuous function method. We estimated optimum F and $t_c$ using the two types of the PPR analysis and compared the results. The optimum F and $t_c$ from the discrete function method, were 0.3/year and 5.0 years old, respectively, while those from the continuous function method were 0.5/year and 3.5 years old, respectively. These PPR estimates were much more conservative for the stock management than the traditional YPR analysis, which can prevent the fish stock from the economic overfishing. As a result, the PPR analysis could be more proper approach for stock assessment in the case that the individual fish price per unit weight increases dramatically by size like small yellow croaker in Korea.