Catch Shares
The term catch share has been used more recently to describe the range of programs similar to ITQs. Catch shares expanded the concept of daily catch limits to yearlong limits, allowed different fishers to have different limits based on various factors, and also limited the total catch. Under catch share approaches, threatened fisheries became sustainable by keeping the totals low enough and enforcing the limits.
Catch shares eliminate the "race to the fish" problem, because fishers are no longer restricted to short fishing seasons and can schedule their voyages as they choose. Boom/bust market cycles disappear, because fishing can continue throughout a typically many-month season. Safety problems are reduced because there's no need to fish in hazardous conditions just because the fishery happens to be open. The technology arms race switches from catch maximization to a healthier focus on productivity, Capital costs are potentially lower because ever-bigger boats are not required to handle even a sizeable quota.
A crucial element of catch share systems is how to distribute/allocate the shares and what rights come with them. The initial allocation can be granted or auctioned. Shares can be held permanently ("owned") or for a fixed period such as one year ("rented"). They can be salable and/or leasable or not, with or without limits. Each variation has advantages and disadvantages, which may vary given the culture of a given fishing community.
Read more about this topic: Individual Fishing Quota
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