1 Introduction In recent decades, incentive-adjusting approaches such as individual catch quotas have become the preferred way of managing fisheries, rather than incentive-blocking approaches, including effort controls. This is because such instruments may achieve outcomes that are socially efficient. A large number of fisheries are today managed by tradeable quotas (Chu 2009; Bjørndal and Munro 2012). With a given vessel quota, harvesters will have incentives to minimize the cost of harvesting.
