After being in force ten and seven years respectively, the tradable fishing quota programs for red snapper and grouper-tilefish in the Gulf of Mexico have so far failed to bring about the expected reduction of the active fleet size and shedding of overcapacity. With the help of a microeconomic...

In this paper, intraseasonal fishing is modeled as a differential game between fishermen in a total allowable catch-regulated fishery with and without individual fishing quotas (IFQs). Heterogeneous harvest values are included by incorporating time-specific harvest costs and a stock effect into...

Facilitated by remarkable increases in computational speed, simulation models are becoming more and more complex and are being increasingly used in applied economic analysis. However, computational limitations remain a major barrier to the study of dynamically optimal policies. We study the...