1887

Using Market Mechanisms to Manage Fisheries

Smoothing the Path

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In demystifying the concept of market-like instruments, this study explains how to make better use of market-like instruments in fisheries management by identifying practical steps that can be taken to further their use. The findings of the study are based on a survey of the use of market-like instruments in OECD fisheries in which the key characteristics of these instruments in different countries are identified. It finds that market-like instruments have generally improved the economic efficiency of the sector, and have helped to ensure the sustainability of fish stocks.

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Iceland

It is by now widely recognized that the basic problem of economic inefficiency in fisheries, often-referred to as the common property problem (Hardin 1968), stems fundamentally from inadequate or lacking property rights in the underlying natural resources, the fish stocks and their ocean habitat (Scott 1955, Neher et al. 1989, Arnason, 1997, Shotton 2000).

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