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Landing Fees versus Fish Quotas

The relative efficiency of landing fees versus quota controls to achieve given escapement levels is examined. The criterion is profit per year over a given time horizon. The model employed is a discrete version of the logistic model where growth is influenced by a random variable. Simulations are used to compare landing fees and quota controls under imprecise stock estimates, variable availability of fish, and random fish prices. While ecological uncertainty combined with imprecise stock estimates favors fee control, as shown by Weitzman, the opposite can be the case under uncertainty about the availability of fish or fish price. (JEL Q22, Q28)