Fisheries are often considered a paradigmatic example of the tragedy of the commons, and many fisheries around the world are indeed overfished. However, this article emphasizes that the biological health of many U.S. fisheries under federal management has improved over roughly the past decade....

We consider optimal fishery management under the assumption of increasing returns that is supported by previous empirical evidence. We improve the tractability and realism of the previous approaches by introducing flow adjustment costs on changes in harvest rate. Our framework is the first to...