Stock information requirements for quota management systems in commercial fisheries

Economic inefficiency and other problems associated with managing fisheries through restrictions on fishing times, places and gear have led to development of management systems based on individual fishers' quotas. But this shift from input controls to output controls calls for much more accurate and timely stock assessments. The risk of stock collapse resulting from overfishing, coupled with growing pressure for low-risk resource management policies, call for conservative quota-setting in the face of uncertain stock information. Under existing assessment systems, quotas may need to be so conservative that foregone catches could wipe out the economic gains from quota management. This problem might be overcome by taking advantage of the incentives of quota-holders to contribute to, and invest in, the gathering of information to improve stock assessments.