ABSTRACT
A commercially valuable species like a fisheries is like a double-edged sword. On one hand, the value of the species to humans provides a strong and immediate reason for human concern about its future. On the other hand, its value may promote excessive harvest. Commercially exploited biological resources can become depleted to the point of commercial extinction if the population is drawn down beyond a critical threshold. In this chapter, we examine the bioeconomic model of a commercial fishery and see how open-access can lead to overexploitation since the asset value of the resource cannot be protected. We examine policies aimed at sustainably managing fisheries including individually tradable quotas (ITQs), territorial use rights fisheries (TURFS), and subsidies and buybacks. The remarkable recovery of the bluefin tuna is used as an example of the importance of catch limits, gear restrictions, and good enforcement.
