How to Resolve the Class II Common Property Problem? The Case of British Columbia's Multi-Species Groundfish Traw

It is 20 years since Munro and Scott identified the causes and possible remedies for the dissipation of rents in fisheries. We analyse one of the solutions proposed by Munro and Scott by using insights from the British Columbia multi-species groundfish trawl fishery that has used ITQs since 1997. The history of this fishery shows that even the most difficult management problems including by-catch, equity concerns, concentration of quota holdings and vessel overages can be mitigated with the appropriate mix of incentives, monitoring and enforcement.