Fisheries worldwide continue to suffer from the negative consequences of open access. In 1986, New Zealand responded by establishing an individual transferable quota (ITQ) system that by 1998 included 33 species and more than 150 markets for fishing quotas. We assess these markets in terms of trends in market activity,...
In this paper we define the regulatory structure of the New Zealand Quota Management System (QMS) and document key changes in its operation over time. We document the relevant legislation that affected the quota market from the Fisheries Act 1983 forward. We describe how the QMS operates in New Zealand...