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Your article on individual take quotas ("Net Benefits") swallows the arguments in their favor hook, line, and sinker, when some probing would reveal that ITQs are more than a little fishy. Take the analogy to cap-and-trade systems: Emission reduction schemes are successful because the cap is set on the environmental bad, which polluters then compete to underachieve. The equivalent bad in fishing is bycatch of non-target and threatened species, which account for a shockingly high percentage of global catches.
An incentive system designed around a tradable bycatch cap would generate significant environmental ...