Fisherman quotas1973

This is the seminal paper that brought the concept of individual fishermen's quotas (IFQs) to the attention of fishery managers. Since 1973, the concept has been adopted in numerous fisheries around the world, most notably those in New Zealand and Iceland. The concept is also known as individual transferable quotas (ITQs) and by the more generic term, "catch shares." Catch shares provide direct control over catches, which is considered necessary for sustainable fishery management. Catch shares provide this control in a way that gives fishermen an incentive to conserve the underlying fish stock because their shares in the stock represent a valuable asset that will grow as the stock grows. This contrasts with conventional, open access systems that give fishermen an incentive to race to catch as much as they can because any fish that they leave in the ocean may be taken by others. Conventional regulations also increase the cost of harvesting fish by preventing fishermen from fishing with the most productive fishing gear at the times and places where they can catch fish with the least cost. Christy explained the cost associated with conventional management and the benefits of fishermen's quotas.