The absence of property rights leads to dissipation of resource rents in fisheries. Economists have long recommended the assignment of property rights to the fishery as a means to internalize the stock externalities that lead to rent dissipation. However, there is less agreement and little...

Individual fishery quotas (IFQs) are an increasingly prevalent form of fishery management around the world, with more than 170 species currently managed with IFQs. Yet, because of the difficulties in matching quota holdings with catches, many argue that IFQs are not appropriate for multispecies...