We propose a new intra-seasonal model for a fishery that allows for explaining both efficiency gains and welfare effects related to the introduction of individual quotas in fisheries previously operating as regulated open access. Our model is also suitable for analyzing international fisheries...

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...

In most multi-species fisheries managed through output controls, total allowable catches (TACs) are set primarily on the basis of biological considerations, usually on a species by species basis. An implicit assumption of management is that fishers are able to adjust their product mix in line...