3 Use an example to illustrate an explanation of why moving

3. Use an example to illustrate an explanation of why moving from a total catch restriction to a quota system is likely to lead to better biological and better economic outcomes.

Solution

the basic management tool is a total allowable catch for a given species usually over a broad range, established by government scientist. Quasi ownership rights are held by indivduals who may use them at any time. The rights are transferrable so that they may be bought, sold or transferred to anyone who has the cash to buy a permit and quota.Individual transferrable quota are the creation of economists. ITQs are a relatively new management tool.