Modelling an ITQ Scheme in the Galapagos Marine Reserve Spiny Lobster Fishery
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This paper assesses the distributional and economic impacts resulting from a hypothetical individual quota management system in the Galápagos spiny lobster fishery. Using data from the Fisheries Monitoring Programme, an implicit function is derived and evaluated at a total allowable catch to estimate an equilibrium price for quota. By comparing this with each vessel-owner's implicit quota price, the number of fishers who will have an economic incentive to sell quota is estimated. The outcomes of the model indicate that the equity implications, as well as the economic benefits, resulting from the introduction of an ITQ system would be significant.