Weitzman's paper is useful because it provides the fisheries economics profession with a reason to re-examine certain elements of the currently accepted fisheries management theory. As a result, this contribution may lead to a more solid theoretical foundation for fisheries management. This, of course, is the way any science is supposed to proceed. Theories should be forwarded, challenges made and examined and theories modified or abandoned as necessary. This paper is useful as a part of this process. Having said this I should add that I don’t think the paper, in spite of some interesting points and valuable insights, manages to undermine the current fisheries management theory in any significant way.
Arnason, R. Comments on M.L. Weitzman: Landing Fees vs. Harvest Quotas with Uncertain Fish Stocks. In: Microbehavior and Macroresults: Proceedings of the Tenth Biennial Conference of the International Institute of Fisheries Economics and Trade, July 10-14, 2000, Corvallis, Oregon, USA. Compiled by Richard S. Johnston and Ann L. Shriver. International Institute of Fisheries Economics and Trade (IIFET), Corvallis, 2001.