November 04, 2008

Individual transferable quotas are better than open access

Science reports (Privatization Prevents Collapse of Fish Stocks, Global Analysis Shows):
Costello, Gaines, and Lynham examined more than 11,135 fisheries worldwide. Only 14% of the 121 fisheries using individual transferable quotas (ITQs) or similar methods had collapsed, compared with the 28% collapsed among fisheries without ITQs.

Costello explains. "[Allotting catch shares] gives fishermen an incentive not to overharvest."
The system does not equal privatization, but it is better than traditional open access to fisheries.

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