The role of property rights in bycatch reduction: evidence from the British Columbia groundfish fishery

Abstract

The following analysis seeks to contribute to the literature by examining the effectiveness of the individual vessel bycatch quota (IVBQ) system as an incentive structure for the mitigation of halibut bycatch in the British Columbia Groundfish fishery. Through the use of an OLS regression technique, this empirical analysis intends to quantify the importance and overall effectiveness of the vessel bycatch quota incentive system in respect to mitigating bycatch. The research utilizes time series fisheries data from 1962-2012, as provided by The International Pacific Halibut Commission and Fisheries and Oceans Canada. The research indicates that the IVBQ system has proven to be highly effective, confirming the significance of private property rights as a tool for the reduction of bycatch within British Columbia. Policy makers may utilize the information provided in this paper to design more feasible and effective policy options to promote the preservation of ecological balance in the management of marine resources.