Examination of the Peruvian anchovy Individual Vessel Quota (IVQ) system

The implementation of rights-based management programs is increasing worldwide yet there are few ex post evaluations, especially in developing country contexts. In this paper we examine changes following the implementation of a catch share system in the Peruvian anchovy fishery, which is the world's largest commercial fishery by volume. After implementation of the Individual Vessel Quota (IVQ) management system, we observe a shift toward higher-value products and a 97% increase in per-unit revenue from 2008 to 2013. We also find that landings are more spread out over the fishing season, with an increase in the number of fishing days. Additionally, fleet consolidation occurs over time with a shift toward larger vessels in the steel fleet. Finally, using cost estimates from a large fishing firm on the cost of steel vessel operation, we estimate variable harvesting profit increased from 34-41% of the ex-vessel price pre-IVQ to 63-65% post.