Keyword: over-extraction

Fished Out! (2/9/2001)

By assigning fishing quotas to individual fisherman, Iceland has solved the problem of over-exploitation typically associated with open access to common-pool resources.

Keywords: common-pool resources, Iceland, Individual Transferable Quotas (ITQs), negative externalities, open access fishery, over-extraction, over-fishing, property rights, returns to capital, tragedy of the commons