Price instruments are rarely seen in fisheries despite their many desirable
properties. In this paper, I find new reasons to favor price instruments in a
fishery. Given constraints on information and enforcement precluding the
optimum optimorum, I consider a second-best but welfare improving
policy when catch limits cannot be enforced...
There is considerable debate in the literature about the usefulness of Marine Protected Areas as fishery management tools. While most economists have found that it is unlikely that marine reserves will improve steady-state yields, some biologists have shown that protected areas have the potential to reduce uncertainty. Most of the...