A two-stage, distributionally neutral and efficient rationalization policy design—one that preserves the ex
ante wealth distribution—is developed by blending elements of a cooperative and a partnership. It is
formally proven that there is no impediment to win-win rationalization using only IFQs allocated only to
harvesters. The design creates a bilateral...
This paper explores the political economy of using fishery cooperatives to advance voluntary decapitalization and rationalization that the U. S. Congress intended to benefit both vessels and processors. Game theory offers insights into the likelihood of achieving congressional intent. It is argued that the American Fisheries Act introduces a potential...