Fisheries Regulation Under Uncertainty: A Dynamic Analysis

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Abstract
This paper considers alternative methods for regulating the stock externality in a common-property fishery. The methods considered are fiat price controls, a quota on the fish catch, and taxes on the size or value of the fish catch. When regulations must be formulated on the basis of incomplete information, these methods are not equivalent. It is shown that taxes are the preferred regulatory instrument whenever the regulatory authority is able to accurately monitor the size of the fish stock.

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