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Restoring a Fish Stock: A Dynamic Bankruptcy Problem

	Abstract

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Total Allowable Catch (TAC)-regulating schemes have been introduced in most fisheries. TAC distribution following the Proportional Rule, based on historical catches, implies that harvesters or vessel groups that have captured more in the past and contributed to overfishing are getting larger quotas than groups that have contributed less to overfishing. In contrast to this rule, a more egalitarian rule, the Constrained Equal Award Rule, is proposed for distributing the TAC. Contingent upon the fishing techniques used by the harvesters, it is demonstrated how the fish-stock recovery period, harvest, and profitability may vary according to these two rules. (JEL Q22, C70)

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This Article Abstract Full Text (PDF) Alert me when this article is cited Alert me if a correction is posted Services Email this article to a friend Similar articles in this journal Alert me to new issues of the journal Download to citation manager Citing Articles Citing Articles via Google Scholar Google Scholar Articles by Inarra, E. Articles by Skonhoft, A. Search for Related Content