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Fall 2003
ISSN 0890-913X
Volume 19, Number 1

Private Property Rights in World Fisheries : Individual Transferable Quotas

Hannes H. Gissurarson, University of Iceland
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PrivatePropertyRightsinWorldFisheries:IndividualTransferableQuotasHannesH.GissurarsonUniversityofIcelandAtthebeginningofthe21stcentury,overfishinghasemergedasamajorproblemallovertheworld,notonlybiologicaloverfishingCexceedingthemaximumsustainableyieldofagivenfishstockinagivenfishinggroundCbutalsoeconomicoverfishingCinvestingtoomuchcapitalintheharvestingoffish.Howcanthefishstocksofthesevenseasbemanagedtothemaximumbenefitofmankind?Whiletheworldwideextensionofexclusiveeconomiczones,EEZs,to200mileshasenabledindividualcountriestomanagefishstockswithinthosezones,nationalproblemsoffisheriesmanagementstillmustbesolved.Suchproblemsincludehowtorestrictaccesstothefisheries,howtoreachanagreementwithownersoffishingcapital(fisherman)oncontrollingfishingeffort;howtosettotalallowablecatches(TACs)indifferentfishstocks;howtomonitorharvesting;andhowtomanagefishstocksthatmigrateinandoutofterritorialwaters.Iceland,probablytheonlydevelopednationintheworldlargelydependentonfishing,hasdevelopedasystemofindividualtransferablequotas(ITQs)inherfisherieswheremostsuchproblemsseemtobesolved.Indeed,ITQssharemanyofthemostimportantfeaturesofprivatepropertyrights.Now,manycountries,includingChileandArgentina,areseriouslyconsideringtheadoptionofacomprehensivesystemofITQs.Inthispaper,theIcelandicITQsystemwillbebrieflyanalyzedandsomecommonobjectionstoITQsdiscussed(forafullerexposition,Gissurarson,2000).
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