Quota Management in the Commercial Red Snapper Fishery

Abstract

This paper reviews the economic outcomes of quota management in the commercial fishery for red snapper (Lutjanus campechanus) in the Gulf of Mexico. Regulation with a quota on the aggregate catch of red snapper has given fishermen the incentive to fish intensively in each open season to maximize their shares of the overall catch before the quota is reached and the season is closed. This has resulted in a pattern of shorter seasons, market gluts, depressed prices, and more rules in attempt to alleviate the adverse effects of derby fishing.