This paper examines the ability of a new policy to reduce bycatch of red snapper by the shrimp fishery in the Gulf
of Mexico: Fractional License as proposed by Townsend. The policy is evaluated both theoretically and using a simulation
Wui, Y.S., R.T. Woodward and W.L. Griffin. An Economic Analysis of a New Bycatch-reduction Policy in the Gulf of Mexico. In: Microbehavior and Macroresults:Proceedings of the Tenth Biennial Conference of the International Institute ofFisheries Economics and Trade, July 10-14, 2000, Corvallis, Oregon, USA.Compiled by Richard S. Johnston and Ann L. Shriver. InternationalInstitute of Fisheries Economics and Trade (IIFET), Corvallis, 2001.