We study harvesting efficiency and the problem of discards under harvest uncertainty in a fishery that is managed with quotas. With only idiosyncratic harvest uncertainty, we show that frictionless post-harvest quota trade can achieve full efficiency and eliminate quota-overage discards...

We consider the problem of multi-species fisheries management when targeting individual species is costly and at-sea discards of fish by fishermen are unobserved by the regulator. Stock conditions, ecosystem interaction, technological specification, and relative prices under which at-sea...