Transferable dynamic stock rights
Individual transferable quotas (ITQs), while solving many short-run externalities, provide limited incentives for individual fishers to conserve the resource. All decisions that determine harvests are made by the government, and the shares of future harvests that are allocated to any particular fisher are not affected by that fisher's actions. For example, there is no incentive for the individual fisher to avoid catches of smaller fish. In fact, the incentives for discarding and high-grading may be worse under ITQs than under other forms of management. This analysis proposes a 'transferable dynamic stock right' (TDSR), under which rights are allocated to fishers as life-cycle shares of each year-class that can be harvested. Year-class allocations would change each year to reflect catches, growth and natural mortality. Allocations of newly-recruited fish would be in proportion to the share of the rights to the breeding stock held by each fisher. Under TDSRs, the fisher would internalize the economic decision about whether to catch a given year-class as small fish or as a larger tonnage of large fish. TDSRs provide the fisher with incentives to harvest in ways that maximize the value of the catch from a given year-class.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
When requesting a correction, please mention this item's handle: RePEc:eee:marpol:v:19:y:1995:i:2:p:153-158. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.