It has been amply demonstrated both theoretically and empirically that the institution of private property rights can dramatically improve the economic efficiency of the fishing activity. As a result, during the last 25 years there, has been a great increase in the use of property rights in the world’s fisheries. The most commonly used instruments are IQs and ITQs ¯ from virtually zero 25 years ago, currently between ten and fifteen per cent of the global ocean catch is taken under ITQs. Other important property rights instruments are TURFs and community or group fishing rights.
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