In 1992 output control management, in the form of individual transferable quotas (ITQs), was introduced into the South East Fishery (formerly the South East Trawl Fishery). Sixteen species of fish were initially subject to quota management. A critical factor in the success of quota management...

Given the problems with open access resources and the effectiveness of modern fishing technology, there are few fisheries, if any, which will not be both biologically over-exploited and unprofitable unless they are managed effectively. For a fishery to be economically efficient requires setting...