We show that grandfathering fishing rights to local users or recognizing first possessions is more dynamically efficient than auctions of such rights. It is often argued that auctions allocate rights to the highest-valued users and thereby maximize resource rents. We counter that rents are not...

We show that grandfathering fishing rights to local users or recognizing first possessions is more dynamically efficient than auctions of such rights. It is often argued that auctions allocate rights to the highest-valued users and thereby maximize resource rents. We counter that rents are not...

In January 2009 a new management regime of individual vessel quotas (IVQs) was put in force in the world's largest fishery, the Peruvian anchovy fishery. Until 2009, the fishery was managed by a regulated open access system with clear symptoms of the race for fish. We argue that the new regime...