Abstract
A new approach to fisheries management is suggested. Recognizing the great uncertainty and variability that affects the supply of fish, combined with the immobility of capital and labor in the industry, a small core fishery should be maintained with the capacity to catch only the quantity of fish that it would be safe to catch as the stock approaches the lower limits of its natural cycle. When fish are abundant, the excess would be auctioned to risk takers who have neither a permanent commitment to, nor multi-year fishing rights in, the fishery.
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