The Florida spiny lobster trap certificate program (TCP) is one of the oldest U.S. fisheries programs involving tradable effort permits. Under the TCP, fishers must own a certificate (and pay an associated annual fee) for each trap used. The program was created in 1992 to address overcapitalization amid growing social...
The relationship between intrinsic fish quality (fish condition before handling), production efficiency, product price, and the optimal management of commercial "wild" fisheries was explored in four companion papers. The optimal management plan-consisting of quotas and harvest schedules - would maximize the discounted net industry revenues (NPV) given a minimum biomass...